Marc Bolland to step down from Morrisons

Bolland will be relieved of his duties today, and will take up his post as chief executive of Marks & Spencer in the new year.

In a statement, Morrisons said: “Trading arrangements for Christmas are progressing smoothly and the senior management is now focusing on plans and operations for the new year. It was therefore agreed at a scheduled board meeting yesterday that it would be appropriate for Marc Bolland to relinquish his operational responsibilities with effect from today.”

The executive directors will continue to run the group and the executive board will now be chaired by Sir Ian Gibson, the group’s non-executive chairman.

Gibson said:”Morrisons has a strong and capable senior management team which will continue to operate the business. We are well placed for a successful Christmas period and a strong end to our current financial year.”

Last month, it was revealed Bolland is to succeed Sir Stuart Rose at M&S.