The unexpected departure of M&S’s general merchandise boss has reignited speculation about machinations in the bellwether’s boardroom.

Who might succeed Marc Bolland as leader of one of UK retail’s most venerable names is a constant source of speculation in the industry.

One reading of Dixon’s departure that has gained currency is that he upped sticks because colleague Steve Rowe has moved ahead among internal contenders to succeed Bolland.

Those taking that view cite M&S’s continued success in food as supporting evidence and contrast it with performance in clothing.

While there are some signs that fashion is starting to get back on track, sales remain disappointing.

But another reading has emerged as to why Dixon is moving on. Having spoken to various people well-placed to provide insight, it’s the reading I’m inclined to favour.

Fashion turnaround

While M&S still has much to do to restore its fashion fortunes, there are signs that the proverbial tanker might be turning.

Earlier this year, M&S was able to post a much-longed for like-for-like advance in fashion.

Sadly it edged back down again in the succeeding quarter,  but it was pretty much flat and profitability is being preserved by focusing on margins.

Marc Bolland has been through the mill over the last five years, when there has frequently been speculation about his future as following a succession of setbacks.

Now, at last, things are looking up as clothing sales apparently start to stabilise.

After being in the firing line for so long, he is looking forward to being able to take some credit for sprucing up one of retail’s best-loved names. So he won’t be leaving in the imminent future.

From Dixon’s perspective, never mind who the internal candidates may be, there will likely be no vacancy for the M&S chief executive role for a while.

Attractive prospects

At the same time, Dixon has been courted for other big roles. He was for instance, a very close contender to run Morrisons following the ousting of Dalton Philips.

“When you’re a front-runner for attractive jobs, you might choose to accept one – even after a career spent at a single company”

George MacDonald

When you’re a front-runner for such attractive jobs and, in your late 40s, conscious of the passing of time, you might choose to accept one – even after a career spent at a single company.

Indeed so closely is Dixon identified with M&S that he was described in The Times today as being almost like a member of the retailer’s famous Sieff family, just with a different surname.

Who else might merit such a description?

Well, other than Rowe, who, like Dixon, has been at M&S man and boy, how about Sir Stuart Rose?

The former chief executive championed Dixon at the business. Dixon was Rose’s executive assistant before going on to run the food business to great acclaim.

So when considering where Dixon might pitch up next, it may be interesting to look for connections with Rose. Well, what about Woolworths South Africa?

It’s a business that models itself on M&S. Rose is a non-executive director. So is one Andy Higginson, chairman of Morrisons, where Dixon was so close to getting the top job.