Sir Stuart Rose will step down from Marks & Spencer in July 2011.
Confirmation of Rose’s planned retirement date came as part of a rejig of the management team which was prompted by the resignation of M&S chairman Lord Burns from June 2008.
Rose will relinquish his title as chief executive and become executive chairman in Lord Burns’ place from June. He has committed to remain with the company until its AGM in July 2011, when he will retire.
Group finance and operations director Ian Dyson has added retail and HR to his responsibilities - taking over some of Rose’s chief executive duties.
Meanwhile Kate Bostock has been appointed to the board and will assume responsibility for all of clothing including womenswear, menswear, lingerie and kidswear. However she will not have responsibility Per Una.
Steve Esom will remain responsible for M&S’ food division.
The promotions take place with immediate effect. M&S will also appoint an additional non-executive director to the board in due course.
Sir David Michels has been appointed deputy chairman with effect from June 1.
Rose said: “M&S is a business with a strong heritage and great potential. This is an important time in its development. In taking on the role of executive chairman, my task will be to guide the business through the next stage of growth.”
Lord Burns added: “Placing Stuart in this new role creates the right leadership for the future. Since Stuart returned to M&S, the company has made substantial progress. It is my view and the unanimous view of the independent directors, that placing Stuart in this new role creates the right leadership structure for the company.”
To read a detailed break down of the M&S restructuring see the attached word document.