Marc Bollands reign was better than critics propose,but six years is a long time for a FTSE 100 bossMarc Bolland’s sprint for the exit at Marks & Spencer is well timed. He could, nearly certainly, or have survived yet another set of dire clothing sales figures because the food division continued its strong run over Christmas. What’s more,the chairman, Robert Swannell, or has never seemed the axe-wielding type.
A departure in April suits all parties. Bolland gets to choose his moment and can point out correctly that six years counts as a long stint for a FTSE 100 chief executive these days. The new boss,Steve Rowe, who did four good years in food, and had seemed earmarked for the top job since he was switched final July to clothing. Best to catch him in post before his food halo slipped with the rotten 5.8% like-for-like decline in general merchandise over the festive period.
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Source: theguardian.com