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The first female boss of Marks and Spencer is to resign.
Katie Bickerstaffe was appointed co-chief executive two years ago and has helped oversee a major turnaround in the fortunes of the High Street giant.
But much of the credit has gone to chairman Archie Norman and Stuart Machin, who was appointed alongside Bickerstaffe in March 2022 and given what appeared to be the highest title of chief executive.
Bickerstaffe even reported to Machin even though they apparently shared the top job. His departure is likely to be announced within days, according to Sky News.
She will become a non-executive director of B&Q owner Kingfisher.
Is two a crowd? Stuart Machin and Kate Bickerstaffe in 2010. Bickerstaffe will step down as co-chief executive of M&S.
Bickerstaffe wants to take several positions on company boards after helping M&S recover after several years of stagnation.
Last year it returned to the FTSE 100 after a four-year absence. The stock rose nearly 50 percent last year.
Bickerstaffe has been at the center of a renaissance under Norman and Machin after becoming the first female leader in the company’s 138-year history.
Food director Machin was appointed chief executive and tasked with the day-to-day management of the business.
And Bickerstaffe was in charge of areas such as financial services and the brand’s international presence.
She is responsible for the group’s clothing and home section, which has been a key part of the resurgence as the store is now considered fashionable.
It has abandoned frumpy clothing ranges and attracted new, younger shoppers.
Actress Sienna Miller was the face of its autumn collection and Ted Lasso star Hannah Waddingham appeared in its Christmas advert.
For a four-day week, mother-of-two Bickerstaffe, 54, received £2.22 million in the year to April 1, 2023, including a salary of £673,000 and a performance-related bonus of £ 1.55 million. Meanwhile, Machin, who works five days a week, received a total of £2.53m.
It meant Bickerstaffe was paid pro rata more than Machin, 52.
She had previously been chief operating officer and head of strategy and transformation, and also spent almost a decade at Dixons Carphone.
Marks, Spencer and Kingfisher all declined to comment last night.