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.