Page last updated at 16:55 GMT, Thursday, 18 March 2010

M&S boss Rose to take 25% pay cut

Marks and Spencer's chairman Sir Stuart Rose
Sir Stuart Rose has been criticised for holding both top jobs at M&S

Marks and Spencer's chief executive and chairman Sir Stuart Rose will give up his executive role in July and take a 25% pay cut, the company has announced.

Sir Stuart will then give up his position as chairman in March 2011 - earlier than initially planned.

Marc Bolland - formerly boss of Morrisons - is due to take up the M&S chief executive role in May.

Sir Stuart will retain executive responsibilities until July to ensure a smooth handover.

He has previously been criticised by shareholders unhappy with his dual role at M&S.

Listed companies traditionally have a separate chief executive and chairman to ensure good corporate governance.

Earlier this month, Sir Stuart told the BBC he expected to take a pay cut as a result of stepping down from the chief executive role.

He is currently paid a £1.13m salary.

M&S is now expected to step up its hunt for a replacement chairman.

The current deputy chairman, David Michels, has already ruled himself out, while Alan Parker, the chief executive of the Whitbread leisure group, has been linked with the post.

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