Jo Jenkins is leaving the retailer and joining White Stuff
The director of clothing and beauty at Marks & Spencer is stepping down just weeks before Christmas.
Jo Jenkins, who was appointed in May after holding the role of Director of Womenswear, Lingerie & Beauty for nearly two years, is leaving the chain to join White Stuff.
It comes after she was said to be ‘disappointed’ to have not been selected for the role of managing director for clothing, home & beauty, according to Sky News.
The move is said to be a ‘blow’ for chief executive Steve Rowe, who was appointed to the role last year and is being closely observed by new chairman and industry veteran Archie Norman.
An M&S spokesperson said: ‘We’re delighted for Jo – she’s been a real talent here at M&S, which is reflected in the progress she has made both professionally and for the business. Becoming CEO at a company like White Stuff is a natural next step for her. We wish her all the very best with her new role.’
Last November, Mr Rowe announced plans to close 30 stores and shut the clothing departments in 45 more over the next five years after profits plunged.
It comes after she was said to be ‘disappointed’ to have not been selected for the role of managing director for clothing, home & beauty. Pictured is outside a Marks and Spencer store
Last November, CEO Steve Rowe announced plans to close 30 stores and shut the clothing departments in 45 more over the next five years after profits plunged
According to the company’s accounts for the year ending April 2017, pre-tax profits fell to £176.4million compared to £488.8million the previous year.
The drop in profits was blamed on struggling clothing sales and a £200million injection into its pension fund.
Pictured is Mr Rowe. He said the planned restructuring of M&S ‘has come with a cost and has impacted profits’
In a statement published in response to the accounts, Mr Rowe said: ‘Last year we outlined a comprehensive plan to build strong foundations for the future. We said we would recover and grow clothing and home, continue with our plans for Food growth, remove costs and simplify the business. We achieved a huge amount in the year and whilst there is still much to do, I am pleased with our progress and we remain on track.
‘As we have made improvements to our Clothing & Home product and proposition, our customers have noticed; we are starting to stabilise market share and importantly have seen full price market share growth, as we removed excessive discounting. In addition, our new Food stores continue to exceed our expectations.
‘As we anticipated, the planned restructuring of M&S has come with a cost and has impacted profits, but the business is still strongly cash generative and we reduced our net debt.
‘Looking ahead, we will continue our programme of self-help in a tough trading environment. We remain committed to delivering for our customers and shareholders as we build sustainable foundations for the future.’