Marks and Spencer has announced significant changes to its non-food leadership team as it enters the next phase of its turnaround project.
Clothing and home director, Richard Price, will be replaced by ex-Boohoo CEO, John Lyttle.
Lyttle headed Boohoo for five years, but left last Autumn amid claims of “corporate espionage”, with allegations he was being stalked and spied on.
Price, who has been in his role for just over four years and who was recently decorated in the New Year’s Honours List, said he was leaving to pursue a “portfolio” career and “step away from full-time executive life”.
He led M&S through a period of significant change, with its once-struggling home and clothing divisions undergoing a complete – and successful – revamp under his leadership.
M&S’ market share of the women’s clothing sector reached its highest level for nine years in 2024 after it shed its frumpy image and slimmed down its ranges.
The turnaround progress helped push the company back into the FTSE 100.
M&S chief executive Stuart Machin said: “Thanks to Richard’s leadership, the clothing, home and beauty business is now on a much stronger footing with improved product. Style perceptions have increased consistently and our lead on quality and value has extended, driving growth in sales and market share.”
“[Lyttle brings] an extensive experience in driving strong volume-based growth and supply chain transformation across store-based and pureplay retailers,” Machin added. “His down-to-earth leadership style fits with our sleeves rolled up, ‘tell it as it is’ culture”.
Commenting on the shake-up, equity analyst at Shore Capital, Clive Black, said: “With his leadership team taking shape for the next chapters of M&S’ ongoing transformation, Mr Machin is bringing together the human capital that we hope is going to build upon the commendable achievements of recent times,”
Black added that the team was “increasingly capable, effective and blossoming”.
M&S’ share price fell by 2.6 per cent on the news, but it has risen by more than 42 per cent in the last year.