M&S says reports Vandevelde will step down are speculation

Marks & Spencer is to breathe new life into 100 of its stores with a £40m (€65m) refurbishment programme this year.

The work, which should be completed before the Christmas shopping season, is expected to create "a brighter and more modern environment".

It is the second stage of a three-year improvement programme unveiled in March 2001 by chairman and chief executive Luc Vandevelde.

Today, speculation was growing that Mr Vandevelde could soon announce he is to give up the dual role and become non-executive chairman.

Roger Holmes, currently head of the company's UK retailing business, is tipped to take over the chief executive's role. The change is expected to be announced with M&S's full-year figures on May 21, although a spokeswoman dismissed the reports as "speculation" today.

The decision still needs to be approved by the M&S board and much could hinge on continued signs of recovery being shown in the group's fourth-quarter trading figures, due on April 9.

Mr Vandevelde, a Belgian food retailer, joined the group in early 2000 and has recently seen a sales revival after a difficult start to his tenure.

The new Per Una women's fashion range has helped improve the company's trading performance, while the first 100 refurbished stores have also been introduced at a cost of £80m(€130m).

Work on the latest store renewals is scheduled to begin this month and will cover another 17% of the group's existing selling space. Around a third of the outlets will gain Cafe Revive coffee shops while 40 will include Classic shops, featuring a range of clothes for older customers.

The final stage of the renewal programme for M&S's 312 UK stores will be completed next year.