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London — British retailer Marks & Spencer said on Thursday its CEO Steve Rowe will stand down after six years in the job in May and be succeeded by two of his senior lieutenants.

Rowe, who joined M&S at the age of 15 before rising through the ranks, will step down after M&S reports annual results on May 25. The group said joint COOs Stuart Machin and Katie Bickerstaffe will take over.

Machin will become co-CEO and will take on responsibility for day-to-day leadership of the business and the executive committee. He will continue to have oversight of his current portfolio, which includes the leadership of M&S’s food business, as well as operations, property, store development and technology. He will also take on responsibility for HR and corporate communications.

Bickerstaffe will become co-CEO with a focus on driving the group’s strategy of selling across multiple platforms. She will retain her existing portfolio including responsibility for clothing & home, MS2, international and financial services.

Machin and Bickerstaffe will join M&S’s board on May 25.

The retailer said that CFO Eoin Tonge will become chief strategy & finance officer and will play an enhanced role in leading the future development of the business.

Rowe will cease full-time employment after M&S’s annual shareholders’ meeting on July 5 but remain an adviser for up to a year.



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