New year, new CEO for M&S

11 January 2016 - Janet Bird

New year, new CEO for M&S

The New Year has already brought major changes for Marks and Spencer after a less than stellar Christmas trading period.

The retailer's Chief Executive Officer of six years, Marc Bolland, has announced his intention to retire at the beginning of April. He will be replaced by Steve Rowe, who has been with Marks and Spencer for 25 years and worked in a variety of senior roles.

While the festive season brought good news for Marks and Spencer on the food division front, where there was a five percent rise in like for like sales, the 'general merchandise' side of the business, which includes clothing, saw a 5.8 percent drop in like for like sales over the period.

The retailer blamed the unseasonably warm weather, poor stock visibility and the decision to hold off on discounting much longer than many of its competitors for the results.

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