The British retail group Marks & Spencer Plc is about to change management. On Thursday, the company announced that CEO Steve Rowe would step down from his post. The 54-year-old, who has been at the helm of the group since 2016, will step down from the board of directors on May 25 after the release of the preliminary annual results and will leave the company at the annual general meeting on July 5, the retailer said. After that, Rowe will continue to support the new top management “for up to twelve months” as a consultant.
Rowe first worked for Marks & Spencer at the age of 15. After an apprenticeship at clothing retailer Topshop, he returned and was able to work his way up within the company. He held various management positions and was finally promoted to CEO in 2016, succeeding Marc Bolland. Rowe took over the management of the group “at a difficult time” and has since “initiated far-reaching changes in the organizational structure and management”, emphasized the retailer. The group, whose clothing division had been in crisis for years, underwent a radical austerity program, closed more than 60 branches and at the same time expanded promising areas such as online business.
“It has been a tremendous privilege to lead the company I love and have spent most of my career at,” Rowe said in a statement. “Leaving will be very difficult for me in many ways, but I feel like after six tough years it’s the right time to pass the baton on.”