// A big M&S shareholders has urged M&S new top team that it must revive its clothing sales
// M&S food MD Stuart Machin was unveiled as chief executive this week, and Katie Bickerstaffe was made his co-chief executive, as current boss Steve Rowe revealed his plan to step down in May
Marks & Spencer shareholders have warned its new top team that they must improve its clothing performance after it unveiled its unusual new “co-chief executive” management structure last week.
The structure was unveiled as existing boss Steve Rowe revealed he would stand down in May, with current food MD Stuart Machin appointed the new chief executive and Katie Bickerstaffe made his co-chief executive. Despite the pair sharing a job title, Bickerstaffe will report into Machin, who will hold day-to-day management responsibilities.
One big investor told The Sunday Times that although the M&S senior management team had made a big impact and it was important to retain them, it was important that Bickerstaffe and managing director of clothing and home Richard Price improve fashion sales.
READ MORE: Meet M&S’ new bosses: Stuart Machin and Katie Bickerstaffe profiled
Over the past 18 months, M&S has boosted clothing sales by selling third-party brands such as Joules, Phase Eight, and Nobody’s Child, this is lower margin than its own ranges.
Clothing has returned to growth in recent months. Over the all-important Christmas period, clothing and home sales rose 3.2%.
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