Sir David Michels, deputy chairman of Marks & Spencer, has ruled himself out of the running to replace Sir Stuart Rose as chairman of the UK’s largest fashion chain.
Sir David Michels was seen as one of the likely candidates to replace Rose, who is due to step down by the summer of 2011 at the latest, following the appointment of Marc Bolland as chief executive earlier this year.
Michels told The Daily Telegraph that his other commitments, which include positions at Easyjet and Paramount restaurants, meant he would not have adequate time to devote to the role.
He said: “I have decided that I am not going to stand as prospective chairman of Marks & Spencer. The job of chairman of M&S is at least three days a week and with all my other commitments I do not have sufficient time to devote to it.”
It is now likely that M&S’s next chairman will be an outsider.
Bolland, the former chief executive of Morrisons supermarket will take up his position in May.