British high street giant Marks & Spencer today issued a statement dismissing speculation that chairman and chief executive, Luc Vandevelde, will quit as CEO later this year.

The company posted a news release on its website after reports in the weekend press suggested Vandevelde would give up the role in July and be replaced by UK retailing chief Roger Holmes.

But the Belgian retailer today denied he was planning such a move after helping revive the fortunes of the troubled company in less than two years.

He added: "We are still in the early stages of recovery and the board believes that it is vital the company keeps to its carefully orchestrated plan delivered in a logical sequence.

"The board is conscious of the need to continuously adapt the organisation's structure to meet business priorities and, as such, will consider any structural implications as and when it is appropriate."