M&S announce new chief executive

UK Retail giant has announced Roger Holmes is to become the new chief executive of Marks & Spencer.

Current chairman and chief executive Luc Vandevelde will revert to his original position of executive chairman from September 1.

Mr Vandevelde's role as chairman will be part-time from January 1, 2003. He says: "We are a different and more focused business today.

"We have completed the restructuring of the company."

Mr Vandevelde says: "We are pursuing a clear strategy and, with this announcement, we are putting in place the right leadership structure.

"Roger has been key to our recovery and has delivered excellent results since he joined in December, 2000."

Mr Holmes is currently managing director of UK retail operations at M&S.

Mr Vandevelde adds: "I regard him as the right man to take the company forward, and I look forward to continuing to work with him to seize the opportunities ahead."

The group has also announced that first-quarter clothing sales were up 14.8%.