Marc Bolland is to step down as chief executive of Marks & Spencer, a role he has held since 2010.
He will be replaced by M&S insider Steve Rowe, who has been with the company for more than 25 years and is currently executive director of general merchandise.
The announcement came as M&S revealed that its like-for-like sales of general merchandise fell by 5.8% in the Christmas period – more than double analysts’ estimates.
M&S chairman Robert Swannell said: “Over the past six years Marc Bolland has led Marks & Spencer through a period of necessary change. Over this time, the company has made significant investment in enhanced infrastructure and capabilities.”
The retailer said that the drop in general merchandise sales in the third quarter was “disappointing”.
Food sales were up 0.4% in the period, and reported a record Christmas week for food sales, which were up by 17%.
Online sales also rose by 20% in the quarter.
