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Rowe, who joined M&S at the age of 15 before rising through the ranks, will step down after M&S reports annual results on May 25.
The group said current joint chief operating officers, Stuart Machin and Katie Bickerstaffe, will take over.
Machin will become CEO and will take on responsibility for day-to-day leadership of the business and the executive committee.
He will continue to have oversight of his current portfolio of responsibilities, which includes the leadership of M&S’s food business, as well as operations, property, store development and technology.
He will also take on responsibility for HR and corporate communications.
Bickerstaffe will become Co-CEO with a particular focus on driving the group’s strategy of selling across multiple platforms.
She will retain her existing portfolio including responsibility for clothing & home, MS2, international and financial services.
Both Machin and Bickerstaffe will join M&S’s PLC board on May 25.
The retailer added that chief financial officer Eoin Tonge will become chief strategy & finance officer and will play an enhanced role in leading the future development of the business.
Rowe will cease full-time employment after M&S’s annual shareholders’ meeting on July 5 but remain an adviser for up to a year.
