Marks & Spencer CEO Marc Bolland to stay for “at least two more years”

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There has been much speculation around Marc Bolland’s future as CEO of Marks & Spencer . He has affirmed that he will stay with the retailer for at least another two years as he plans to turn the retailer around. Their womenswear collection continues to struggle, regardless of Bolland’s step-by-step turnaround plan. However, its Simply Food business is performing well and is capitalises on modern-day shopping habits. They also unveiled their Sparks membership scheme last week. The Telegraph has reported that Bolland believes in his turnaround efforts; he has overhauled the online business and supply chain. However, sources believe it is too soon to judge whether M&S is on a path to recovery.

Sourcing specialists Mark and Neal Lindsay are responsible for reviewing the retailer’s supply chain to source directly from factories. Reportedly, M&S is set to net £200m in cost savings following an overhaul of its clothing production.

John Dixon was seen as the natural successor to Bolland, however, he surprised everyone by stepping down in July and joining Australian department stores David jones as CEO from January 2016. Remaining executives include Clothing and Homeware boss Steve Rowe and Executive Director of Multichannel Laura Wade-Gery, who are also potential successor should Bolland exit the retailer.