Marcus Leroux wrote a story in the U.K.’s Times Online that examined the dramatic management changes Sir Stuart Rose, the head of troubled retailer Marks and Spencer, has taken to try and turn the retailer around.
The M&S executive chairman effectively promoted two of his lieutenants and announced the imminent departure of a third, as part of measures that he said would accelerate a change in fortunes for the 125-year-old retailer.
…The reshuffle came as the company reported a 40 per cent plunge in profits and a 33 per cent cut in the final dividend.
Carl Leaver, who had led the international division, homewares and e-commerce businesses, is to leave by mutual agreement in the next three months, removing another potential successor to Sir Stuart…
… Steve Rowe is to be put in charge of the online business, while Kate Bostock, head of fashion, has been given additional responsibility for homewares.
Ian Dyson, the finance and operations director, is to be placed in overall charge of the latest initiative to reinvigorate the retailer, called Doing The Right Thing…
… The shake-up suggests that Mr Dyson and Ms Bostock have pulled ahead in the race to succeed Sir Stuart. It is understood the retailer would prefer an internal candidate.
If interested in retailing or what executives sometimes do to try and turn things around check out the story. I have discussed Marks and Spencer and its current Executive Chairman, Sir Stuart Rose, for sometime and believe his moves are worth watching.