The first female boss of Marks and Spencer, Katie Bickerstaffe, is to step down from the business, the retail favourite has confirmed.
Bickerstaffe joined the high-street darling just over two years ago, and has helped lead a massive turn around of the business.
She helped run the show alongside chairman Archie Norman and frontman Stuart Machin, who was appointed at the same time as her.
An unconventional leadership structure saw Machin named as CEO, and Bickerstaff as co-chief executive.
She will depart Marks and Spencer to become a non-executive director at B&Q owner Kingfisher.
Speaking today, Bickersatffe said: “I took on the Co-CEO role to support Stuart as he succeeded to chief executive officer and because of my love for the brand and my determination to see the transformation of M&S through to the next stage.
“We have built a strong team, made great progress, and it is now right that the business and function heads report directly to Stuart. I will leave with great memories and a strong sense of achievement.”
Bickerstaffe will retire from M&S after the AGM in July 2024 to pursue her board career.
The former chief of Dixons and Carphone Warehouse is leaving the business in its best financial shape.
Marks and Spencer is now one of the top performing retailers on the British high street following a turnaround plan which saw its physical estate overhauled and push to sell more trendy ware.
The 140 year old business made a return to the FTSE 100 last year and shares have surged by 50 per cent in the last year.
Shares in the firm are down just over one per cent in early trade.
City A.M has contacted Marks and Spencer and Kingfisher for a comment.