Marks & Spencer share price: CEO shrugs off departure speculation

on Oct 26, 2015
Updated: May 24, 2024

Marks and Spencer (LON:MKS) CEO Marc Bolland is reportedly planning to stay with the company at least another two years, despite sustained speculation about his future.

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Bolland has told the company’s board that he is committed to M&S because he believes his turnaround efforts are beginning to pay off, The Telegraph has reported, citing inside sources.

Although there was still not evidence to show the high-street stalwart was firmly back on track, Bolland has noted that his “step-by-step” strategy — which includes overhauling the online business and supply chain to improve margins – has begun to bear fruit.

Bolland’s decision will delay an expected power struggle between senior M&S executives. Contenders for the top job are thought to include Steve Rowe, who was recently put in charge of the group’s clothing division and home wares, and Laura Wade-Gery, who heads the stores and online division.

John Dixon, the retailer’s former clothing boss, who many presumed would be the most likely candidate to take up the reigns from Bolland, surprised with his resignation earlier this year.

In July, M&S reported a dip in first-quarter underlying sales in general merchandise. The poor performance has heaped pressure on Bolland, with six percent of shareholders voting to oppose his re-election at the group’s latest annual general meeting. M&S is due to report its half-year results on November 4 and analysts at Peel Hunt have suggested that the retailer’s clothing sales could remain in negative territory, while a bounce-back in like-for-like sales would be unlikely.

Marks & Spencer’s share price has declined this morning. By 10:36 GMT, the stock had dipped 0.68 percent to trade at 514.00p. Meanwhile, the FTSE 100 benchmark index was 0.21 percent lower at 6,430.47 points.

As of 10:54 GMT, Monday, 26 October, Marks and Spencer Group Plc share price is 514.00p.

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