Marc Bolland is to step down as chief executive of Marks & Spencer as the retailer again reported a mixed Christmas trading performance with “disappointing” general merchandise sales.
The Dutch executive said that he had decided after ten years in UK retail that he wanted to retire, adding that he had only ever wanted a “five to six year journey” at the British retailer. He is to be replaced by Steve Rowe, who currently heads the general merchandise division and used to head the group’s strong food division.
Mr Bolland said: “It has been a huge honour to lead one of Britain’s most iconic companies. I am delighted to hand over to Steve Rowe as my successor. I have worked closely with Steve for six