Marks and Spencer has acquired a stake in independent online retail business The Sports Edit (TSE) which will lead to it taking full ownership. TSE was formed in 2015 and is led by CEO Neil Paulson-Ellis who is to remain in post. It offers a range of branded sports clothing together with nutrition products and this will bring a further depth of offering to Marks and Spencer’s active and leisurewear proposition.
In further news, M&S CEO Steve Rowe has resigned his position and departs the business on May 25th after six years in the role and having spent his entire career with the retailer.
Co-CEOs announced as stepping up to take Rowe’s place are Stuart Machin from his role as managing director M&S Food and Katie Bickerstaffe from her role as chief strategy and transformation director. In a further move CFO Eoin Tonge takes the role of chief strategy and finance officer.
Marks and Spencer chair Archie Norman said: “The appointments we are making today (March 10) bring together a very strong leadership team to take the business into the next stage of its transformation.”
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