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M&S promotes ‘most influential’ woman in bid to calm City nerves
Simon English19.05.09
Marks & Spencer moved a step closer to appointing its first ever woman chief executive today when it promoted Kate Bostock and parted company with one of her chief rivals for the job.
The 51-year old, formerly M&S's head of fashion, is from today in charge of the company's entire merchandising division. She is already regarded as the most influential woman in fashion and the odds on her becoming the most powerful woman in UK retail are shortening.
It emerged today that an internal candidate and front-runner for the role, Carl Leaver, is quitting. Mr Leaver, head of M&S's international arm, said his job “does not fit with his career aspirations”, the company revealed.
The reshuffle comes as M&S, which is celebrating its 125th year, today unveiled a slump in profits for the year to March of £604 million, down from last year's £1 billion. The fall forced it to slash its dividend payment to shareholders as shares tumbled seven per cent.
Sir Stuart Rose and the M&S board are under intense pressure from the City to lay out a succession plan for when he steps down from the top job in 2011.
Ms Bostock, a softly spoken Midlander who is regarded as a workaholic, was hired in 2004 as head of womenswear and later added the baby clothes, lingerie, shoes and accessories divisions to her portfolio.
She joined the company's board last March on a salary of roughly £550,000 a year before bonuses. She is described as having “immense self belief”, and admits to being “obsessed with what I do”, frequently working a 14-hour day seven days a week.
Asked about the race to succeed him in the wake of Mr Leaver's departure, Sir Stuart said: “It does narrow the field, but it is not always the field you can see.” He sad that outside candidates were also being considered, adding “Don't leap to the obvious conclusion.”
Last year another potential candidate, Steve Esom, director of food, was fired by Sir Stuart after a disagreement over strategy. Ms Bostock's main rival for the role among M&S executives is now seen finance director Ian Dyson.
Some City analysts do not agree Ms Bostock is the right choice. Nick Bubb, retail analyst at Pali International, said: “Dyson seems to be the favourite. I'm not sure Bostock yet has the rounded qualities to be chief executive.”
Sainsbury's CEO Justin King is one possibility among external candidates, though he insisted last week that he was happy at the supermarket group and had no plans to return to M&S, where he first built his reputation.
Ms Bostock joined M&S after 15 years at Next and George, the Asda clothing brand. She was hired by Sir Stuart as part of his plan to revamp his high street chain. She went to school in Staffordshire and college in Derby.
She left her first husband, remarking that although he was “gorgeous”, he “didn't have a clue how the fashion industry worked”. She has since remarried and has two children.
Reader views (6)
M&S should stop wasting money advertising what they're doing with their Plan-A work. Saving the environment is a must, not a 'nice-to-do'. John Lewis and Waitrose have done so much more than M&S and for so much longer, but they don't go on about it.
- Henrietta, London
Some advice for Ms Bostock - M&S profits are plummeting because they have been trying to appeal to the 'young' and failing of course. Stop disregarding your core customers (that is, middle-aged women) in favour of trying to interest the young. No one under 35 shops at M&S, just give it up.
Also, stop cravenly trying to appeal to the under 30s by playing loud music in M&S - it is totally wrong & is losing you thousands of customers. I used to spend about £800 a month in M&S, as did my sister - now we both go to Waitrose, disgusted with the offensive 'music' in the Epsom branch of M&S. Take heed, Mrs Bostock.
- Liz, London,UK
Mickeyinlondon - you are so right. M&S could save literally millions if they employed a more restrictive policy on enery wastage. Not only do they leave their lights on in broad daylight, but, try walking in and being blasted by air con and heating in equal measures - all of which leaves by the main entrance as soon as you enter. Criminal waste of energy and money.
- Maya, London
Profits will hit the floor now, no more rotten MPs.
- Alex., brighton
Stop charging for plastic food bags and supplying free ones with clothes, Kate.
If you insist on charging customers for plastic food bags as your bit towards saving the Earth; then at least show willing with all environmental issues, and switch off all your shop lights during daylight hours etc.
Don’t soft-soap your customers like your predecessors have; we are not idiots.
Whats good for the goose; is good for the gander; and all that.
- Mickyinlondon, london
They should end support for Israel
- Scunibuni, GOOLE
