Who is Steve Rowe? M&S CEO steps down after 40 years with retailer

Steve Rowe will also be ceasing full-time employment with the business (Image via marksandspencer)

Steve Rowe, who became CEO of M&S on April 2, 2016, will stand down after six years in the role. Rowe will step down from the board effective May 25, 2022, as part of a planned succession program.

After stepping down, he will be ceasing full-time employment with the business at the AGM on July 5, 2022. However, his role at Marks & Spencer won't be immediately finished, as he will guide and advise the new leadership for the next 12 months after stepping down.

Steve Rowe will pass his baton to Stuart Machin and Katie Bickerstaffe, the co-CEOs leading their respective teams. Stuart will be the new CEO leading food distribution while Katie will focus on digital data, taking the reins as co-chief exec.

According to a press release made by the company, this decision has been made in accordance with the legal requirements of the 9.6.11 UK Listing Rules.

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More about Steve Rowe at the M&S retail

Steve has over 30 years of experience with consumer and retail brands at the M&S leadership team. He joined the company in 1983 at the Croydon store, directly from school at the age of 15.

In 1985, Rowe became a store manager at TopShop, and later in 1989, he re-joined M&S.

In 2004, Steve became the Director of New Business and Home after progressing through management, buying, and merchandising roles. In 2008, he became a member of the executive committee and Director of Retail, and under his accountabilities, expanded to include the online business M&S.com in 2009.

In 2012, he further expanded his capabilities by becoming a Board member as the Executive Director of Food in 2012 and Executive Director of General Merchandise in July 2015.

Steve rose through multiple ranks and served in numerous leadership roles before taking his final step to take over as Chief Executive Officer on April 2, 2016., This was soon after he became the Director of Ocado Retail Limited and acquired 50% of the company.

Steve Rowe commented on the pace of the change in a press release made by the company, saying:

"It has been an enormous privilege to lead the business I love and have spent almost all my career working for. Leaving will be, in many ways, very difficult for me, but I feel that after six hard years, it is the right time to pass on the baton. I am enormously grateful for the support I have had in driving through the extraordinary transformation program of the last few years from shareholders, the Board, but most of all the many thousands of colleagues in the business."

Steve further discussed his love for the company and the time he spent there, saying:

"A piece of my heart will always remain with the M&S family, and I feel that we have done many of the hard yards to restore the business to what it should be. I'm proud that I am leaving a very strong team that will lead it into the next growth phase. I wish them every success," added Steve.

M&S has gone through many changes, and during his tenure, Steve oversaw a remarkable period of changes in management and organization structure. Rowe is leaving a powerful leadership team and a digital, faster, commercial business closer to the front line and customers.