M&S unveils Marc Bolland as Sir Stuart Rose’s successor.

Marks and Spencer (M&S) has announced that it has appointed Marc Bolland as Sir Stuart Rose’s successor in the role of Chief Executive.

Sir Stuart is due to retire in July 2011, though since combining his role as CEO and Chairman, he has come under increasing pressure from shareholders to step down earlier. He led M&S through a turnaround which earned him plaudits, but many have argued he has become too powerful.

Bolland, 50, has been CEO of supermarket chain Morrisons since 2006, and prior to that he held a top role at Heineken in the Netherlands. He has been chosen after a painstaking selection process. 

Other prominent figures who were reportedly in the running for one of Britain’s top retail jobs included HMV CEO Simon Fox; Chairman of the John Lewis Partnership Charlie Mayfield; and WH Smith CEO Kate Swann, as well as a number of M&S’ senior staff. However, Bolland and Fox were two of the top runners to fill the position. 

Mr Rose commented on the appointment: “I am delighted that Marc is to be M&S’ next Chief Executive. He brings a wealth of consumer marketing experience and has made a great success of his time at Morrisons.

“We very much look forward to welcoming him and working together.”

Mr Bolland said of his new role: “M&S is one of the world’s great brands and I am very pleased to be given the opportunity to lead the company forward at this exciting stage.”

Morrisons shares took a tumble after the announcement falling 4.67%.