UK retailer Marks and Spencer has announced that the company CEO Marc Bolland would resign in April 2016. The 132 year old retailer said in an announcement that Bolland will be on the board until the end of the current financial year on April 2 2016. Marc Bolland would be stepping down in April following six years with the company. Marc Bolland will be succeeded by Steve Rowe, the present head of its non-food business.
M&S declared the news as it reported poor trading in its general stock division which covers garments, shoes and home ware, with like-for-like sales down 5.8 percent in the second from last quarter which covers the key Christmas period.
The would-be CEO, Rowe was formerly in charge of M&S’ food division, which executed well under his leadership. With Rowe in charge, analysts are expecting M&S to focus more on food, which has proven right with the retailer announcing plans to cutback its fashion floor space allocating more space to food racks.