Marks and Spencer Group plc announced that Steve Rowe is standing down as Chief Executive Officer. Stuart Machin will become Chief Executive 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 of responsibilities, which includes the leadership of Food business, as well as Operations, Property, Store Development and Technology.

He will also take on responsibility for HR and Corporate Communications and will join the PLC Board with effect from 25 May. Katie Bickerstaffe will become Co-Chief Executive with a particular focus on driving the global omnichannel, digital & data future for the business.