Marc Bolland, the Chief Exec of Marks & Spencer, is planning to remain just that until at least 2017.
Despite rumours in the industry that the 56 year-old would be stepping down after facing mounting pressure to keep sales consistent, it is understood that the Dutch businessman told the board he will stay to see his turnaround efforts pay off.
According to the Telegraph, sources have said now would be too soon because while there were positive signs it was too early to claim the retailer was on a firm path to recovery.
This is not the first time this year that Bolland, who joined the British retailer in 2009 from Morrisons, has quelled speculation that he would be leaving M&S. In May the company reported its first annual profit in four years and the ex-grocer said he would “absolutely” be present to report on 2016’s full-year results. But when Head of General Merchandise John Dixon unexpectedly resigned in July, it re-fuelled speculation.
City analysts began theorising contenders, with Laura Wade-Gery (Head of Multi-channel) and Steve Rowe (Executive Director of Food) tipped to be the next boss.
M&S, once a stalwart of British retail, has lost its way in recent years. The clothing division of the business suffered as Bolland alienated long-term customers in his search for younger ones. He will update the market in two weeks on the company’s half-year results – the expectations are that clothing sales will have been at a loss during the period.