M&S chief 'to take part-time role'

The man credited with restoring the fortunes of Marks & Spencer, Luc Vandevelde, is to scale back his involvement in the running of the company, according to press reports.

Mr Vandevelde, who is currently chairman and chief executive at M&S, will announce this week he is to stand down as chief executive and become part-time chairman, the Sunday Telegraph and Sunday Times reported.

The two papers also report that Roger Holmes, currently managing director of M&S' UK retail operators, will take over as chief executive.

The changes are expected to be announced at the company's annual meeting on Wednesday.

The reports also say that while Mr Vandevelde will continue his association with M&S, it is thought he is looking to take on a new role at another company.

Turnaround

Mr Vandevelde effectively staked his reputation on reviving M&S, promising to resign if the company had not turned the corner by May 2002.

The change in the company's fortunes was confirmed in May when it announced a 30% rise in profits, which beat most analysts' expectations.

The success proved lucrative for Mr Vandevelde, who earned £2.2m in salary and bonuses last year according to the Telegraph.

The paper said Mr Vandevelde's decision to scale back his involvement at M&S could worry some investors.

"We've only had two quarters of recovery," the Telegraph quotes an unnamed M&S insider as saying.

"We know that some institutions will be concerned that it is too early for Luc to take a back seat."