News Summary: Marks & Spencer shakes up management

AP News
Posted: Jul 10, 2012 1:57 PM

WEAK QUARTER: U.K. retailer Marks & Spencer is changing its management team following a disappointing second quarter, when clothing and general merchandise sales fell 7 percent.

EXEC CHANGES: Kate Bostock, the executive director for general merchandise, will leave the company. John Dixon, now in charge of food, will replace her, and Belinda Earl, former CEO of Debenhams, Jaeger and Aquascutum, will join Dixon's team as style director. Patrick Bousquet-Chavanne, a former group president of Estee Lauder, will also join the company.

PROBLEMS: The euro's decline, struggling economies in Ireland and Greece, and lots of sales promotions hurt results.