(Adds detail, background)
LONDON, June 30 British retailer Marks & Spencer
said on Monday it would increase the responsibilities of
the five key executives under Chief Executive Marc Bolland as
part of a restructuring of its management team aimed at driving
M&S, a seller of clothing, homewares and upmarket food which
has reported three straight years of profit decline, said Laura
Wade-Gery, the executive director of multi-channel would assume
responsibility for UK retail in addition to her current M&S.com
The firm said its international business will now be
overseen by Patrick Bousquet-Chavanne alongside his current
responsibilities as executive director, marketing and business
Wade-Gery and Bousquet-Chavanne will have operating profit
responsibility for their respective trading areas, as will Steve
Rowe, executive director, food, and John Dixon, executive
director, general merchandise.
Chief Finance Officer Alan Stewart will have property added
to his responsibilities as part of his financial asset
The changes mean that UK retail and M&S's international
businesses will be directly represented at board level for the
"Everyone's responsibilities have been enhanced and
widened-out - part of a company drive to ensure there's greater
autonomy across the business," said an M&S spokeswoman.
Bolland has spent 2.3 billion pounds ($3.9 billion) in the
last three years, aiming to transform the company into an
international retailer reaching customers through stores, the
web and mobile devices.
He has pushed through changes to address decades of
under-investment, overseeing the redesign of products and stores
and an overhaul of logistics to serve a new website platform.
"We now have the right infrastructure in place to take our
business forward, and as we enter the next phase of our plan, we
need to make sure our team structures and internal processes
allow us to move with pace, simplicity and speed," said Bolland.
In other changes Costas Antimissaris, currently business
development director, international, is appointed international
director, succeeding Jan Heere, who is leaving the business to
return to Russia.
Hugo Adams, currently executive assistant to Bolland, is
appointed property director.
Shares in M&S closed down 1.6 percent at 425.3 pence,
valuing the business at 6.9 billion pounds.
($1 = 0.5877 British Pounds)
(Reporting by James Davey; editing by Kate Holton and David