Bickerstaffe who was appointed to the role of co-CEO at M&S alongside CEO Stuart Machin in March 2022 had previously been in the role of Co-COO and non-executive director. She joined M&S in 2018.

Having helped see through that leadership change, the strengthening of the management team and a marked improvement in the performance of the business, Bickerstaffe will move on to take other board roles in line with the original transition plan, M&S said in its update.

“I’m very grateful to Katie for her support in seeing M&S through this important period in the reshaping of the business. We now have a much stronger business, and she will move on with our very best wishes,” commented Machin, CEO.

Bickerstaffe said: “I took on the Co-CEO role to support Stuart as he succeeded to CEO and because of my love for the brand and my determination to see the transformation of M&S through to the next stage. We have built a strong team, made great progress, and it is now right that the business and function heads report directly to Stuart. I will leave with great memories and a strong sense of achievement.”

Last week M&S announced an £89m ($112.4m) investment in pay, and family leave policies increasing its hourly rate to £12.

Machin said at the time of the pay rise announcement: “Our vision is to be the most trusted retailer – and that starts with being the most trusted employer.

“Since March 2022, we’ve invested more than £146m in our retail pay offer and increased our standard hourly rate by more than 26%. But creating a great place to work isn’t just about pay; it’s about the overall package and colleagues feeling valued and able to be their best.”