Marks & Spencer has said co-chief executive Katie Bickerstaffe will leave the retailer in July after just over two years in the role.

The high street giant said Ms Bickerstaffe will leave after the group’s annual general meeting to “pursue her board career” with plans to take other roles in company boardrooms.

She was appointed co-chief executive in March 2022, reporting to chief executive Stuart Machin but with responsibility for overseeing areas such as data, digital and technology.

M&S has seen a sharp upturn in performance over the past two years, with shares improving by 50% after stronger sales.

Mr Machin will continue to lead the company as a solo chief executive.

M&S said in January that Rachel Higham will be joining M&S from marketing giant WPP in the new financial year to take over leadership of data and technology and will sit on the executive committee.

Ms Bickerstaffe joined M&S in 2018 as a non-executive director before moving into an executive role in 2020, then becoming co-chief operating officer alongside Mr Machin in 2021 before taking on the co-chief executive role in 2022.

Prior to joining the retailer, she was the boss of Dixons Carphone’s UK business and led SSE’s retail energy services division.

The departing co-chief received a pay deal worth £2.2 million in the 2022/23 financial year for working four days a week in the role.

M&S said she will receive her normal salary, pension and benefits until July 10.

Ms Bickerstaffe said: “I took on the co-CEO role to support Stuart as he succeeded to chief executive officer 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.”

Mr Machin said: “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.”