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.