Marks and Spencer chief executive Marc Bolland is to step down in April, the company said as it announced its Christmas results.
Bolland will be succeeded by Steve Rowe, executive director of general merchandise.
While third-quarter sales of general merchandise were down by 5.8 per cent for the 13 weeks to 26 December, M&S said it had an 'excellent quarter' for food, with record sales in the Christmas week.
There was no pressure on Bolland to leave from shareholders or the board, Marks and Spencer chairman Robert Swannell said on a conference call with reporters. Rather, Bolland is retiring after six years in the role, having informed the board in the summer of 2015 of his intention to leave in mid-2016
BBC News said that Swannell declined to discuss whether Marks and Spencer had considered external candidates, but he did note that the firm had used 'external benchmarking' during a 'thorough, rigorous process' to select candidates.
Rowe will receive a salary of £810,000 from 2 April 2016 as part of his chief executive remuneration package, M&S said.
He has been employed by the firm for more than 25 years, and has had roles including director of retail and e-commerce and positions in general merchandise.
As for food sales, they were up 0.4 per cent in the third quarter, and the retailer said it had record sales in the Christmas week, up 17 per cent.
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