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M&S management shakeout

By FashionUnited

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Hot on the heals of news that trading conditions have worsened for high-street retailer, Marks & Spencer, the company announced the shakeout of its top management. Finance Director Alison Reed is to leave the company next year, and a further three executive directors are to take their leave as soon as Chief Executive Stuart Rose takes hands on control of M&S. He will be directly responsible for retailing, merchandising and buying.

Rose revealed that he believed in a small board, as he halved the number of executive directors. The diminished size allows for faster decision making and greater flexibility, which is what the ailing company desperately needs. He added that M&S will be going "back to basics", with a new maternity line and ranges for petite and larger women. This will entail a revamping of the store interiors. Four new stores will be opening in a few days' time.

The company has not issued a profit warning, and according to Rose, it is still too early to predict what the Christmas period will bring in terms of turnover.

M&S