M&S boss to quit, because they suck
Marc Bolland, the chief exec at Marks and Spencer, is going to quit his job in April, just as the company announce their less-than-impressive Christmas results. Taking his position will be Steve Rowe, who is currently the executive director of general merchandise.
Why is this happening? Well, M&S aren't very good at the minute and people aren't buying things from them like they used to. If you've been in one of their shops recently, and were buying anything that wasn't food, you'll know why.
While Bolland is on the way out, third-quarter sales of general merchandise were down by 5.8% for the thirteen weeks to 26 December. General merchandise doing badly there, so they're promoting the guy who is the executive director of general merchandise. Seems like a good move, eh?
Shareholders haven't pushed for Bolland to leave, and neither have the board. Marks and Spencer chairman Robert Swannell said: "There has been absolutely no pressure at all on Marc [to leave]." Swannell added that succession planning had been "rigorous", and that the process to replace him had gone on "for years".
As usual, the problem M&S have, is with their clothes. No-one likes them. Like all the other shops, Marks & Spencer blamed all this on 'unseasonably warm weather', when really, even if it was 'seasonably cold', their stock would've still gone unsold, because it is crap. If M&S is going to return to the levels it used to be at, they're going to need an injection of life, and fast.