Marks & Spencer’s chief executive, Steve Rowe, is stepping down in May after nearly 40 years at the business he joined straight from school. Rowe, who has spent six years overseeing the beginnings of a turnaround in the retailer’s fortunes after years in the doldrums, is to be replaced by the boss of its food business, Stuart Machin. Katie Bickerstaffe, who oversees M&S’s clothing and home division and was also a contender for the top job, will now sit on the board as co-chief executive, tasked with a focus on uniting the retailer’s online and high street operations. Eoin Tonge, the finance director, will now oversee strategy in an increased role. Bickerstaffe and Tonge, who had also been in contention for the top job, will report to Machin, but Archie Norman, the chair of M&S, said the structure was intended so that the three of them would “fly in formation”. “This is a big and complex company that needs that [breadth of leadership]. While we have made progress, we haven’t fixed everything,” Norman added. The new team takes charge after a positive turn for the 138-year-old chain, which had its best Christmas on food and claimed its highest market share in full-price clothing since 2013 as shoppers emerging from last year’s lockdowns sought it out. M&S did not reveal whether Rowe, who joined M&S at 15, would receive a payoff but said he would step down as chief executive after the company’s annual results announcement on 25 May and cease full-time employment after the annual shareholder meeting on 5 July. He will then remain as an adviser for up to 12 months. Norman said: “The appointments we are making today bring together a very strong leadership team to take the business into the next stage of its transformation.” He added: “Steve has been a magnificent servant of M&S, putting his heart and soul into the job. Coming from the shop floor to lead the business, he epitomises our values and has lived and breathed M&S for so many years. “He is living proof of the opportunities M&S provides for great people to succeed. The M&S he took over was in parlous shape and throughout my tenure he has been fearless in grasping the nettles and facing into the challenges and has delivered massive progress.” Rowe would be “much missed and goes with our huge affection and best wishes”, said Norman.