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| Version 1 | Version 2 |
|---|---|
| M&S appoints new chief executive | M&S appoints new chief executive |
| (30 minutes later) | |
| Marks and Spencer has announced that Morrisons boss Marc Bolland will become its new chief executive. | Marks and Spencer has announced that Morrisons boss Marc Bolland will become its new chief executive. |
| Mr Bolland, 50, would take up the post at a date yet to be confirmed in the new year, M&S said. | Mr Bolland, 50, would take up the post at a date yet to be confirmed in the new year, M&S said. |
| M&S executive chairman Sir Stuart Rose said Mr Bolland brought "a wealth of consumer marketing experience". | M&S executive chairman Sir Stuart Rose said Mr Bolland brought "a wealth of consumer marketing experience". |
| M&S said Sir Stuart would stay as part-time chairman to "ensure a smooth transition". Sir Stuart has previously said he will leave M&S by July 2011. | M&S said Sir Stuart would stay as part-time chairman to "ensure a smooth transition". Sir Stuart has previously said he will leave M&S by July 2011. |
| In a statement, Mr Bolland said: "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. | In a statement, Mr Bolland said: "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. |
| "I am greatly looking forward to working closely with Stuart and the M&S team." | "I am greatly looking forward to working closely with Stuart and the M&S team." |
| Mr Bolland has an extremely good track record at Morrisons Sam Hart, Charles Stanley Sir Stuart Rose's M&S legacy | Mr Bolland has an extremely good track record at Morrisons Sam Hart, Charles Stanley Sir Stuart Rose's M&S legacy |
| Mr Bolland was appointed chief executive of Morrisons in September 2006. Before that, he worked for Heineken in the Netherlands. | Mr Bolland was appointed chief executive of Morrisons in September 2006. Before that, he worked for Heineken in the Netherlands. |
| 'Big shock' | 'Big shock' |
| Sir Stuart came under criticism from M&S shareholders after his job changed in June 2008 to combine the role of chairman and chief executive. He had previously just been M&S's chief executive. | Sir Stuart came under criticism from M&S shareholders after his job changed in June 2008 to combine the role of chairman and chief executive. He had previously just been M&S's chief executive. |
| Critics said combining both roles broke corporate governance rules, as it gave one person too much power at the company. | Critics said combining both roles broke corporate governance rules, as it gave one person too much power at the company. |
| Many observers had expected the new chief executive to come from within M&S, and were surprised by the external appointment. | Many observers had expected the new chief executive to come from within M&S, and were surprised by the external appointment. |
| "We'd expected Ian Dyson, the finance director, to be appointed chief executive. It's a big shock," said Sam Hart at broker Charles Stanley. | "We'd expected Ian Dyson, the finance director, to be appointed chief executive. It's a big shock," said Sam Hart at broker Charles Stanley. |
| "Mr Bolland has an extremely good track record at Morrisons. Given that it's probably the biggest job in UK general retail I dare say he was unable to turn it down. It's definitely a good appointment in our view, but certainly a surprise," he added. | "Mr Bolland has an extremely good track record at Morrisons. Given that it's probably the biggest job in UK general retail I dare say he was unable to turn it down. It's definitely a good appointment in our view, but certainly a surprise," he added. |
| The City reacted well to the appointment, with M&S shares rising 21.7 pence, or 6%, to 390p. Morrisons shares fell by 5%. | |
| Sales at M&S have been falling during the recession, although the company's latest sales figures show that the retailer is starting to recover. | Sales at M&S have been falling during the recession, although the company's latest sales figures show that the retailer is starting to recover. |
| UK like-for-like sales, which strip out the impact of sales at new stores, fell 0.5% for the three months to 26 September. | UK like-for-like sales, which strip out the impact of sales at new stores, fell 0.5% for the three months to 26 September. |
| While this was the eighth quarterly fall in a row, it was better than the 1.4% drop seen in the previous quarter. | While this was the eighth quarterly fall in a row, it was better than the 1.4% drop seen in the previous quarter. |