Wednesday November 18, 04:02 PM
Marks and Spencer appoints Dutchman as new CEO
LONDON (AFP) - British clothes-to-food retailer Marks and Spencer (LSE: MKS.L - news) on Wednesday announced the appointment of Dutchman and supermarket boss Marc Bolland as its new chief executive.
Bolland, 50, credited with reviving the fortunes of British supermarket chain Morrisons since his appointment there as chief executive in 2006, will replace Briton Stuart Rose at the start of 2010, M&S said in a statement.
Rose, who combines his chief executive role with that of chairman of M&S, will go on to act as part-time chairman of the group until mid-2011.
Many shareholders hit out at Rose for last year taking on the role of chairman in addition to being chief executive, claiming it compromised the group's leadership.
"Marks and Spencer Group plc today announces the appointment of Marc Bolland as its new chief executive," the retailer said in a statement.
"He will take up his position in the New Year at a time and on terms to be confirmed."
Rose was parachuted into M&S as chief executive in May 2004 to fend off a 9.1-billion-pound -- or 400 pence per share -- takeover approach by British tycoon Philip Green.
Rose turned around the group's fortunes following an overhaul of the store lay-outs and product ranges but the company has seen profits slide during the financial crisis.
"I am delighted that Marc is to be M&S' next chief executive," Rose said on Wednesday.
"He brings a wealth of consumer marketing experience and has made a great success of his time at Morrisons. We very much look forward to welcoming him and working together."
Bolland, previously a chief operating officer at Dutch brewing giant Heineken (HEIA.NX - news) , expressed his pleasure at being offered the chance to lead "one of the world's great brands."
Reacting to the appointment, the share price of M&S soared 6.16 percent to 391 pence, topping London's benchmark FTSE 100 index, which was up 0.27 percent at 5,331.64 points in late afternoon trade.
By contrast, Morrisons slumped to the bottom of the index as it dropped 4.81 percent in value to 281.29 pence.
Marks has meanwhile celebrated its 125th birthday this year with sales of products priced at just one pence each at stores across Britain.
The company began life in 1884 as a so-called "Penny Bazaar" market stall in Kirkgate Market, an area of Leeds -- a city in northern England.
M&S currently has more than 600 British stores, and another 295 branches are dotted around the world.
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