M&S chief Vandevelde to step aside

THE chairman and chief executive of High Street retailer Marks & Spencer is to step down. An announcement is expected at the annual meeting on Wednesday.

Luc Vandevelde, who is credited with reviving the fortunes of the company, is expected to reveal that he is to quit as chief executive and take a low-key role as a part-time chairman.

But insiders believe he is looking elsewhere for a job. Previously Vandevelde oversaw the creation of Europe‘s biggest retailing group, Carrefour, following its merger with Promodès, where he was president and chief operating officer. He joined M&S just over two years ago and has presided over three quarters of like-for-like sales growth.