4th Apr 2016 13:26
LONDON (Alliance News) - Marks & Spencer PLC's new chief executive Steve Rowe will continue to lead the retailer's struggling general merchandise business and will not appoint a new executive director for the unit, according to Reuters.
Rowe had been leading the general merchandise business since July, prior to which he led the food business. He succeeded Marc Bolland as CEO of the whole company on Saturday.
General merchandise, which comprises clothing, footwear and homeware, has been struggling for a decade or more, and Rowe said he will continue to lead the division even in his new role as CEO.
"I'm going to carry on looking after general merchandise," Rowe reportedly told Reuters on Monday.
"The (general merchandise) business unit directors will continue to report to me for the foreseeable future because that's where I believe the priority is," he said. "We need to get general merchandise working."
http://uk.reuters.com/article/uk-marks-spencr-grp-management-idUKKCN0X119M
Shares in M&S were trading up 0.9% at 411.00 pence on Monday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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