He will be replaced after next year's annual general meeting by Lord Burns, who will join the board as deputy chairman on October 1 and take over from Myners the following July.
Myners said: 'I am delighted that Terry Burns will be joining the board and that he will succeed me as chairman for the company. I look forward to working with him.'
The announcement ends months of speculation over whether Myners would stay on as chairman of M&S in a permanent capacity. Although he is understood to enjoy a warm working relationship with chief executive Stuart Rose, his claim to the chairmanship is thought to be opposed by Kevin Lomax, the non-executive director charged with filling the post permanently.
Burns is chairman of Abbey National. He is also a non-executive director of Banco Santander Central Hispano, Pearson Group and British Land. He has also been chairman of the National Lottery Commission and was permanent secretary to HM Treasury for seven years.
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