M&S boss Katie Bickerstaffe tipped to take over at John Lewis
The departing boss of Marks and Spencer has been tipped to run John Lewis.
Katie Bickerstaffe, who was the primary lady to guide M&S when she was made co-chief govt two years in the past, is leaving the corporate in July.
She has helped oversee a revival on the High Street big – however a lot of the credit score has gone to chairman Archie Norman and her fellow boss Stuart Machin.
Machin was appointed alongside Bickerstaffe in March 2022 however was handed the extra senior job title of chief govt – with out the ‘co’. He will now take sole management of the corporate.
Analysts at BNP Paribas stated: ‘The title co-CEO always seemed generous.’
Stepping down: M&S boss Katie Bickerstaffe is leaving the corporate in July
Industry specialists stated Bickerstaffe’s departure may pave the best way for her to grow to be chairman of the John Lewis Partnership (JLP) when Sharon White leaves subsequent yr.
Retail analyst Nick Bubb, who described her appointment as co-chief of M&S when Machin seemed to be handed a extra senior position as ‘not just any fudge’ however an ‘M&S fudge’, stated it was ‘no real surprise she wants to leave’.
He added: ‘Could she be the answer to JLP’s issues? I feel she can be a terrific substitute for Sharon White.’
Bickerstaffe stated: ‘I took on the co-CEO role to support Stuart as he succeeded to chief executive officer and because of my love for the brand and my determination to see the transformation of M&S through to the next stage.
‘We have built a strong team, made great progress, and it is now right that the business and function heads report directly to Stuart. I will leave with great memories and a strong sense of achievement.’
She is reportedly going to take a non-executive director position at Kingfisher, however the B&Q proprietor declined to remark.
Bickerstaffe has helped M&S again into style after years within the doldrums, together with a triumphant return to the FTSE 100 final yr. But Machin has been extra within the limelight.
AJ Bell funding director Russ Mould stated: ‘The co-CEO structure is always a difficult one to maintain as it presents the risk of a power struggle.
‘It looked as if Machin had the upper hand from the day their co-leadership was announced.
‘He was always referred to as chief executive without any “co” in his title. She was often attributed as supporting Machin, which implied being a deputy.’
