Marks boss going 'because of personal commitments'

Marks & Spencer today confirmed the departure of Luc Vandevelde after four years as chairman of the high street retailer.

M&S said the Belgian was standing down because of “personal commitments” to the family of Paul Louis Halley, one of the major shareholders in the French supermarket giant Carrefour.

Mr Vandevelde – widely seen as the architect of the M&S recovery since 2000 - joined the board of Carrefour after Mr Halley was killed in a plane crash in December.

“A search is under way for a new chairman and Luc will remain in post for as long as necessary to establish his successor,” M&S said.