Proactive Investors - Marks and Spencer Group PLC (LON:MKS) confirmed co-chief executive Katie Bickerstaffe is leaving the supermarket after only two years.
When Bickerstaffe leaves later this year, current boss Stuart Machin will take full control of the retailer as it continues to improve its home and clothing business.
Bickerstaffe, 56, is set to take up the role of non-executive director (NED) at Kingfisher (LON:KGF), the owner of B&Q, when she departs.
She also will maintain her position as a NED at housebuilder Barratt Developments (LON:BDEV) and on the England and Wales Cricket Board.
Russ Mould, AJ Bell’s investment director, believes Bickerstaffe’s departure highlights the difficulty of having two bosses at the top of the company.
“It presents the risk of a power struggle… It looked as if Stuart Machin had the upper hand from the first day their co-leadership was announced in 2022,” Mould said.
“He was always referred to as ‘chief executive’ without any ‘co’ in his title, unlike Bickerstaffe. She was often attributed as ‘supporting’ Machin, which implied being a deputy.”
Marks and Spencer’s management team have historically been efficient in showing senior leaders the door, but Mould believes the difference this time is things are going well at the retailer.
He said: “The business seems to have found its groove and the turnaround story is gaining traction. It doesn’t appear to be a case of someone senior leaving because the strategy isn’t working.
“Machin is the architect behind the retailer’s recent success and the fact he remains in the top job will be of comfort to shareholders and the market.”
Shares in M&S kept flat on Thursday and are up around 50% in the last twelve months.