UK: M&S Boss Vandevelde To Step Down, Clothing Sales Surge
Resurgent high street giant Marks & Spencer on Wednesday confirmed rumours the man credited with reviving its fortunes, Luc Vandevelde, was to step down as its chief executive and take up a part-time role.
Announcing a 14.8 per cent jump in first quarter clothing sales, M&S said Vandevelde would quit the CEO role in September and be replaced by the head of its UK retail unit, Roger Holmes. Vandevelde will remain as chairman, although that role will also be part-time from 2003.
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