MARKS & SPENCER NAMES NEW BOSS
Retail giant Marks & Spencer has appointed an external candidate with a strong sales and marketing track-record to be its new chief executive. Morrisons boss Marc Bolland takes on the role in the New Year at a time and on terms to be confirmed.
The 50-year-old Dutchman, who was previously chief operating officer at brewing giant Heineken, succeeds executive chairman Sir Stuart Rose, who will continue at the firm as part-time chairman.
Revival
Bolland joined Morrisons in September 2006 as chief executive and has been credited with reviving the fortunes of the Bradford-based supermarket chain following its takeover of Safeway.
The relationship between M&S and its shareholders has reportedly been under intense strain since Sir Stuart was appointed executive chairman – combining two roles in breach of corporate best practice – more than a year ago.
Beauty parade
Sir Stuart had already said he will leave the company by July 2011, fuelling speculation over the company’s succession plans. Senior managers including clothing head Kate Bostock, financial director Ian Dyson, and food division chief John Dixon were all seen as leading candidates for the job of chief executive. The company last month held its first investor day in a decade: the event was billed in the City as a ‘beauty parade’ for the internal candidates.
Track-record
Bolland was previously chief operating officer at Heineken, based in the Netherlands. He held a number of senior roles at Heineken over the last 20 years, including spells a export group director, commercial director, off- premises sales manager and brand manager.
Sir Stuart commented: ‘I am delighted that Marc is to be M&S’s next chief executive. He brings a wealth of consumer marketing experience and has made a great success of his time at Morrisons.’
Bolland was well-thought-of at Heineken. At the time of his departure from the brewers, chairman of the executive board and CEO, Jean-François van Boxmeer said: ‘In his 20 years with Heineken, Marc has made a significant contribution to the growth of the company. Over the last year in particular, Marc has established the direction and management priorities for the regional structure, which will support our future growth. He has been a great colleague, and he leaves with our thanks and genuine best wishes for his new role.’
Source : Modern Selling
