Marks & Spencer said it would not buckle to pressure over the position of its executive chairman Sir Stuart Rose, with speculation rife that he could step down.

It has been suggested that Rose could step down from his position before he is scheduled to retire, at the company’s AGM in July 2011, if a successor is found.

Following the announcement that M&S had experienced a 40 per cent drop in pre-tax profits to £604.4 million, Rose told reporters: “I said I would extend my tenure at the latest to July 2011."

He had initially intended to step down this year, but last summer he took up a controversial role of combined chairman and chief executive, despite more than 20 per cent of investors abstaining or voting against him taking the dual role because it is against best practice guidelines.

It was thought that the company’s head of its home, international and online division, Carl Leaver, would take up the role, but Leaver is now set to leave following a reshuffle and investors continue to call for a new senior and independent director.

It is possible that Rose could take on the role of non-executive chairman in a handover period once M&S identifies its next chief executive.

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