Marks and Spencer CEO Marc Bolland to QUIT after disastrous Christmas sales

Bolland could be in line for a £10m pay-off

Marks and Spencer CEO Marc Bolland is set to quit in April.

The news comes after M&S reported a 5.8% fall in like-for-like clothing sales for the latest quarter, worse than the 5.5% decline expected by City analysts.

However, Christmas food sales were better than expected, up 0.4% in the 13 weeks to 26 December.

Bolland will be replaced by Steve Rowe, M&S’s executive director of general merchandise. He is leaving after six years in his current role.

According to various media reports, Bolland could get a pay-off of up to £10m in pay, benefits and share options.

M&S chairman Robert Swannell said that the shareholders put no pressure on Bolland to leave.

“There has been absolutely no pressure at all on Marc [to leave],” he said.

Swannell added that Bolland told the board in the summer of 2015 that he intends to leave in mid-2016.

Bolland said it had been “a huge honour to lead one of Britain’s most iconic companies”.

Rowe will receive a salary of £810,000 from 2 April 2016, less than Bolland’s salary of £975,000 for 2014-15.

Readers' comments (4)

  • Holland spoke on R4 today and said that succession planning was non-existent for 20 years before he arrived and that plans were in place years ago...he's been there six years, believes that retailers need to make the high street an experience and has a unique e-commerce platform that sees 80% of online customers collecting for a store. Where's the drama?

    Unsuitable or offensive? Report this comment

  • Wow! If only you and I got £10 million (plus the massive salary year after year) for failing

    Unsuitable or offensive? Report this comment

  • Anonymous

    Massively inflammatory headline here. He handed his notice in last summer and doesn't leave until mid 2016. Very poor journalism (and no I don't work for M&S).

    Unsuitable or offensive? Report this comment

  • I’m really happy making trading as my part time because it really helped me increased my income. And it’s the best because I’m trading in the comfort of my own home. This is great. Search superior Trading System to know more.

    Unsuitable or offensive? Report this comment

Social Bookmarks