MARKS AND SPENCER GROUP
PLC
PLANNED LEADERSHIP EVOLUTION
AT M&S
Katie Bickerstaffe will retire from
M&S after the AGM in July 2024 to pursue her board
career.
Katie served as a Non-Executive
Director and Co-Chief Operating Officer of M&S prior to being
appointed Co-CEO, reporting into Chief Executive Officer Stuart
Machin, in March 2022. Having helped see through that leadership
change, the strengthening of the management team and a marked
improvement in the performance of the business, she will move on to
take other board roles in line with the original transition
plan.
"I'm very grateful to Katie for her
support in seeing M&S through this important period in the
reshaping of the business. We now have a much stronger business,
and she will move on with our very best wishes," commented Stuart
Machin, CEO.
Katie Bickerstaffe 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."
This announcement has been made in
accordance with the requirements of 9.6.11 of the UK Listing
Rules.
ENDS
Notes to Editors
· Katie
Bickerstaffe joined M&S as a Non-Executive Director in 2018 and
moved into an executive role in 2020, becoming co-Chief Operating
Officer alongside Stuart Machin in 2021. In May 2022 Stuart took
over as Chief Executive Officer and Katie became co-Chief Executive
Officer, reporting into him to oversee some parts of the business.
Katie's particular focus has been on Data, Digital and Technology
and, as announced on 25 January, Rachel Higham will be joining
M&S from WPP in the new financial year to take over this
function, reporting to Stuart, and will sit on the Executive
Committee.
· Katie
has always been clear that once this transition was complete, she
would want to develop her board career alongside the positions she
already holds at Barratt Developments PLC and the England and Wales
Cricket Board.
The following information is
provided pursuant to section 430(2B) of the Companies Act 2006. The
following terms have been agreed with Katie Bickerstaffe in
connection with her departure and are in line with the Company's
Remuneration Policy which was approved by shareholders at the 2023
AGM.
Salary, Benefits and Pension
· Katie
will continue to receive her normal remuneration in terms of
salary, pension, and company benefits, in accordance with her
service agreement, up to and including 10 July
2024.
· In
deciding on her arrangements, the Committee has not wanted to pay
excessively in the context of the remainder of her notice period
following her departure. To achieve this, Katie will not receive
any of her fixed pay elements (including basic salary, pension, and
company benefits) from 10 July 2024.
Bonus
· The
Remuneration Committee has determined that, as a good leaver, Katie
will be eligible to receive a bonus in respect of the Company's
financial year ending 30 March 2024, as she will have worked for
the Group throughout this period.
· The
amount of any bonus will be subject to the satisfaction of the
relevant performance criteria.
· Katie
will not be eligible to receive any bonus in respect of the
financial year ending 29 March 2025.
· All
DSBP awards will remain subject to all scheme rules, including
malus and clawback provisions.
PSP
· The
Remuneration Committee has determined that Katie will be treated as
a good leaver in respect of her unvested awards under the Marks and
Spencer Performance Share Plan.
· Her
2021, 2022 and 2023 PSP awards will vest at the normal vesting
dates, subject to the relevant plans, achievement of the relevant
performance criteria and subject to time
pro-ration.
· All
PSP awards will remain subject to all scheme rules, including
post-vesting holding periods and malus and clawback
provisions.
RSP
· During
her time as Chief Strategy and Transformation Director,
Katie was granted an award under
the Marks and Spencer Restricted Share Plan in line with all other
Executive Committee members at the time.
· The
Remuneration Committee has determined that Katie will be treated as a good leaver in
respect of her unvested awards under the Marks and Spencer
Restricted Share Plan.
· Her
award will vest at the normal vesting date subject to time
pro-ration.
· Her
award will remain subject to all scheme rules, including malus and
clawback provisions.
Further details of the contractual
and leaving provisions for Katie
will be summarised in the Directors' Remuneration
Report in the 2024 Annual Report & Financial
Statements.