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UPDATE 1-Marks & Spencer adds responsibilities to key directors
June 30, 2014 / 4:56 PM / 3 years ago

UPDATE 1-Marks & Spencer adds responsibilities to key directors

(Adds detail, background)

LONDON, June 30 (Reuters) - 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 greater accountability.

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& remit.

The firm said its international business will now be overseen by Patrick Bousquet-Chavanne alongside his current responsibilities as executive director, marketing and business development.

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 management role.

The changes mean that UK retail and M&S’s international businesses will be directly represented at board level for the first time.

“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 Evans

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