M&S CEO Marc Bolland Steps Down

Marks & Spencer CEO Marc Bolland is stepping down after six years at the helm. In what is arguably one of the most challenging and scrutinised roles in retail, Bolland has presided over a difficult period for the British high-street retailer, as sales shrunk season after season.

A recent upturn - buoyed by a positive performance in food heralded as the store's "best ever Christmas" and a slow recovery in fashion sales - means Bolland can elect to "retire" from the role free from the ignominy that might have accompanied the decision in seasons past.

He will be replaced by current M&S executive director of general merchandise Steve Rowe, whose management of one of the business's only highlights - its solid food category- marked him out as one to watch. The outgoing executive - formerly CEO of supermarket chain Morrisons - said that the decision comes as he celebrates 10 years as a CEO in the UK, telling WWD: "It's a nice milestone and gives me a chance to do something else."

Rowe - who has been with Marks and Spencer Group PLC for more than 25 years and been a board member since 2012 - will assume control in a staggered handover with Bolland's support beginning this April.