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The outgoing Marks and Spencer boss has been tipped to lead John Lewis.
Katie Bickerstaffe, who was the first woman to lead M&S when she was appointed co-chief executive two years ago, will leave the company in July.
He has helped oversee the revival of the High Street giant, but much of the credit has gone to chairman Archie Norman and fellow boss Stuart Machin.
Machin was appointed alongside Bickerstaffe in March 2022, but was given the more senior role of chief executive, without the ‘co’. He will now take sole control of the company.
BNP Paribas analysts said: “The title co-CEO always seemed generous.”
Resignation: M&S boss Katie Bickerstaffe to leave company in July
Industry experts said Bickerstaffe’s departure could pave the way for her to become chair of John Lewis Partnership (JLP) when Sharon White leaves next year.
Retail analyst Nick Bubb, who described her appointment as co-director of M&S when it appeared Machin had been given a more senior role as “not any hoax” but an “M&S fudge”, said it was “not a real surprise.” who would like to leave.” ‘.
He added: ‘Could she be the answer to JLP’s problems? I think she would be a great replacement for Sharon White.
Bickerstaffe said: “I took on the role of co-chief executive to support Stuart in succeeding him as chief executive and because of my love for the brand and my determination to take M&S’s transformation to the next stage.
‘We have built a strong team, made great progress and it is now right for business and function heads to report directly to Stuart. “I will leave with great memories and a strong sense of accomplishment.”
She will reportedly take up the role of non-executive director at Kingfisher, but the B&Q owner declined to comment.
Bickerstaffe has helped M&S return to fashion after years of stagnation, including a triumphant return to the FTSE 100 last year. But Machín has been more in the center of attention.
AJ Bell investment director Russ Mold said: ‘The co-CEO structure is always difficult to maintain as it presents the risk of a power struggle.
‘It seemed as if Machin had the upper hand from the day his co-leadership was announced.
‘He was always called CEO without any “co” in his title. She was often attributed as a supporter of Machín, which implied being a deputy.