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09/11/2004
Marks & Spencer trims down board
In a major management shake-up Marks & Spencer have announced that three members of the board are to go, along with a number of senior executives.
Announcing a fall in UK retail sales of 4%, the company's interim results for 2004/05 released today revealed a drop in half-year pre-tax profits to £293 million, down from £325 million in the same period in the preceding year.
Announcing a "difficult" period of trading for M&S and a further managerial shake-up, M&S chief executive Stuart Rose said: "I have today announced substantial changes to the senior management team and on how we will operate the business in the future.
"These departures are not a reflection of the talents or qualities of the people involved. They have served the company well and I would like to thank them all for the substantial contributions they have made. However, if we are to succeed we need to change how M&S is led and how it operates. I will take direct responsibility for retailing, merchandising and buying."
After three years as finance director for M&S, Alison Reed will step down with immediate effect, though she will remain in post until February 2005. Executive directors Maurice Helfgott and Mark McKeon will similarly depart with immediate effect - neither will be replaced as the chief executive has axed the posts taking on their former responsibilities.
Also out are senior executives Laurel Powers-Freeling (M&S Money), Jean Tomlin (Human Resources) and Jack Peterson (Home Operations).
M&S has, however, reduced UK retail operating costs by 0.9% and the sale of M&S Money to HBSC is "nearing completion".
Commenting on the trading outlook, the company stated: "We do not believe this trend to be entirely Marks & Spencer specific. With Christmas, we still have our two key profit driving months ahead. It is therefore too early for us to predict the outcome for the second half at this stage."
Earlier this year among Mr Rose's first challenges was dealing with a hostile takeover bid by Philip Green.
(SP/GMCG)
Announcing a fall in UK retail sales of 4%, the company's interim results for 2004/05 released today revealed a drop in half-year pre-tax profits to £293 million, down from £325 million in the same period in the preceding year.
Announcing a "difficult" period of trading for M&S and a further managerial shake-up, M&S chief executive Stuart Rose said: "I have today announced substantial changes to the senior management team and on how we will operate the business in the future.
"These departures are not a reflection of the talents or qualities of the people involved. They have served the company well and I would like to thank them all for the substantial contributions they have made. However, if we are to succeed we need to change how M&S is led and how it operates. I will take direct responsibility for retailing, merchandising and buying."
After three years as finance director for M&S, Alison Reed will step down with immediate effect, though she will remain in post until February 2005. Executive directors Maurice Helfgott and Mark McKeon will similarly depart with immediate effect - neither will be replaced as the chief executive has axed the posts taking on their former responsibilities.
Also out are senior executives Laurel Powers-Freeling (M&S Money), Jean Tomlin (Human Resources) and Jack Peterson (Home Operations).
M&S has, however, reduced UK retail operating costs by 0.9% and the sale of M&S Money to HBSC is "nearing completion".
Commenting on the trading outlook, the company stated: "We do not believe this trend to be entirely Marks & Spencer specific. With Christmas, we still have our two key profit driving months ahead. It is therefore too early for us to predict the outcome for the second half at this stage."
Earlier this year among Mr Rose's first challenges was dealing with a hostile takeover bid by Philip Green.
(SP/GMCG)
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