When is a co-CEO not a co-CEO? When one of them reports to the other!
This is currently the situation at Marks and Spencer, though not for much longer, as ‘co-CEO’ Katie Bickerstaffe is leaving the retailer in July, as announced in March. Ms Bickerstaffe joined M&S in 2018 as a NED and went operational in 2020 as (part-time) Chief Transformation & Strategy Director.
In 2021, Ms Bickerstaffe was appointed co-Chief Operating Officer alongside Stuart Machin who was at the time MD of M&S Food. Machin was elevated to Chief Executive Officer (note: no ‘co-‘) in May 2022 at which point Ms Bickerstaffe was retitled co-CEO though still reporting to Machin.
I tell you this, not because I have developed a sudden interest in the M&S leadership team or in Ms Bickerstaffe’s career, but because it illustrates (to me at least) the inherent contradiction in the title ‘co-CEO’ – though in Ms Bickerstaffe’s case, at least the pecking order was clear.
There are people whose opinion I greatly respect who not only see no contradiction in the title, but who actually make it work as true peers. There are exceptions to every rule – even mine.
But I continue to hold the view that, in general, the interests of a business are best served when there is, so to speak, only one throat to choke.
#management #ceo
Multifamily Marketing and Tech leader | Seed Investor | ex-Facebook, ex-Enova
2moCongratulations Ashley Wikle, CPA!! Well deserved!