Marks & Spencer chief executive Marc Bolland has told the retailer’s board that he is staying put for another two years, despite speculation about his future.
Ahead of M&S’s interim results on November 4, Bolland told the board he is committed to the business because he believes his turnaround efforts are beginning to pay off, according to The Telegraph.
Bolland has argued that he has employed a “step-by-step” strategy which included overhauling the online business and supply chain to improve margins, but the womenswear collection has continued to struggle, despite repeated revival efforts.
M&S’s performance stalled in the 13 weeks to June 27, when like-for-like sales of general merchandise fell 0.4% after a return to growth six weeks before.
The commitment from Bolland will delay a power struggle between senior M&S executives for his position. Tipped for the top job are former M&S food boss Steve Rowe, who was recently given responsibility for general merchandise and Laura Wade-Gery, who heads the stores and online division.
The news follows high profile departures in retail last week when Debenhams boss Michael Sharp announced he will step down in 2016 and Waitrose boss Mark Price said he was leaving the grocer.