Details of his exit emerged on a day of high drama for M&S, as for the first time in three years its share price broke 400p - the benchmark price offered by tycoon Philip Green last year.
The price rise and resignation followed an upbeat trading statement this morning, seized upon by the City as evidence that a turnaround at M&S is increasingly likely.
Davies (pictured) will serve a 12-month notice period. Andrea White, finance director of Per Una and head of merchandising Melanie Davies have also quit.
Davies's departure has been on the cards for some weeks as he and M&S chief executive Stuart Rose argued over his contractual terms.
Evolution retail analyst Nick Bubb said there appeared to have been a 'boardroom bust up'. He said the trading statement 'had to be good but it is actually even better than expected'.
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