M&S boss Steve Rowe to step down after close to 40 years with retailer

Rowe to be replaced by head of food business Stuart Machin, with Katie Bickerstaffe as co-chief executive

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.