Marks & Spencer chief executive Marc Bolland quits as sales slump persists

Marks & Spencer chief executive Marc Bolland will step down after failing to revive clothing sales in almost six years at the British retailing bellwether.

Bolland, 56, will retire on April 2 and be succeeded by Steve Rowe, a 27-year company veteran who heads its general-merchandise unit, Marks & Spencer said yesterday, as it reported a slump in holiday sales.

Bolland’s departure comes after he struggled to stem a near-continuous decline in clothing sales.