6.7 C
London
Thursday, December 1, 2022

Steve Rowe: The M&S boss departing after almost 40 years at the retail giant

Must read

Top tech news for Thursday, December 1, 2022

There have been a number of cybersecurity news items lately that you may want to be aware of. I think we should also recognize...

Zoe, who went viral with his Covid-19 reporting app, raises $30 million to track nutrition and health – londonbusinessblog.com

Zoe, a startup founded by doctors and researchers from London and Boston, made a name for itself during the pandemic with a popular –...

Christine Gacy – What happened to John Wayne Gacy’s daughter?

Christine Gacy is the only daughter of the late serial killer John Wayne Gacy and his first wife Marilyn Myers. Her late father...

Is the bear market over???

The S&P 500 (SPY) quickly moved away from 2 key levels of resistance on Wednesday following statements from Fed Chairman Powell. Now more...
Shreya Christinahttps://londonbusinessblog.com
Shreya has been with londonbusinessblog.com for 3 years, writing copy for client websites, blog posts, EDMs and other mediums to engage readers and encourage action. By collaborating with clients, our SEO manager and the wider londonbusinessblog.com team, Shreya seeks to understand an audience before creating memorable, persuasive copy.
M

arks & Spencer veteran Steve Rowe is stepping down from the high street stalwart almost 40 years after first joining the business as a 15-year-old.

The “M&S lifer”, as he has regularly been described by industry analysts, has helped to improve the retailer’s recent fortunes as part of its dramatic recent turnaround plan.

After six years steering the ship, Mr Rowe will now pass responsibility to continue the firm’s revival to two of his top lieutenants.

The boss worked his way up from the shop floor into store management roles before his heady ascent resulted in a director role in 2012.

He then took over as director of the company’s troubled general merchandise business, in charge of its homeware and clothing divisions.

Four years later, he was handed the unenviable task of modernising and re-energising the languishing 138-year-old retailer.

The difficult transformation saw Mr Rowe shut dozens of underperforming stores, with thousands of jobs lost as a result.

The boss cut its weaker stores, upgraded its online logistics, improved its clothing ranges and expanded into online groceries through its joint venture with Ocado as part of the lengthy turnaround plan.

Over the past two years, the process has started to bear fruit, with shares in the retailer up 60%, even in spite of a recent dip on the back of market uncertainty.

Danni Hewson, financial analyst at AJ Bell, said that Mr Rowe will be a “tough act to follow” after improving its profitability and putting its clothing and home operation on a stronger footing.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Top tech news for Thursday, December 1, 2022

There have been a number of cybersecurity news items lately that you may want to be aware of. I think we should also recognize...

Zoe, who went viral with his Covid-19 reporting app, raises $30 million to track nutrition and health – londonbusinessblog.com

Zoe, a startup founded by doctors and researchers from London and Boston, made a name for itself during the pandemic with a popular –...

Christine Gacy – What happened to John Wayne Gacy’s daughter?

Christine Gacy is the only daughter of the late serial killer John Wayne Gacy and his first wife Marilyn Myers. Her late father...

Is the bear market over???

The S&P 500 (SPY) quickly moved away from 2 key levels of resistance on Wednesday following statements from Fed Chairman Powell. Now more...

Naked truth from IG star with 8.5 million followers Gracyanne Barbosa

Introduction Gracyanne Barbosa is a bodybuilding inspiration to many, despite not being a bodybuilder herself. This woman has a body that has captivated many,...