M&S chief ‘to take part-time role’

Luc Vandevelde, who has led the dramatic turnaround at retailer Marks & Spencer, is expected to announce this week he will switch to a part-time role.

The 51-year-old Belgian chairman and chief executive is reported to be set to make public the plans, which will see him stand down to become part-time chairman, at M&S’s annual meeting on Wednesday in London’s Royal Festival Hall.

Roger Holmes, 42, who is managing director of M&S’s UK retail operations is pencilled in to take over Mr Vandevelde’s role.

A spokesman for M&S however said the move was speculation.

‘‘It is speculation and we are making no comment,’’ she said.

Mr Vandevelde has instigated a radical overhaul at M&S in the two years since he joined the business, turning the group around from years of slumping sales and profits.

Stores have been refurbished, new ranges brought in and the group has closed or sold all its stores in mainland Europe.

Results in May confirmed M&S was back in fashion, as it revealed its best operating profits performance for four years.

It is thought that Mr Vandevelde, who last year earned £2.2 million in salary and bonus, is planning to take on a substantial new role at another company.

Mr Holmes, his expected replacement - who joined in January last year from Kingfisher - is also well-respected, and has been credited in part for M&S’s turnaround.