Marks & Spencer deputy chairman Sir David Michels has ruled himself out of the running to replace Sir Stuart Rose as chairman of the retailer.
Michels was seen as one of the likely candidates to replace Rose, who is due to step down in the summer of 2011 at the latest.
Michels told The Telegraph that his other commitments mean he would not have adequate time to devote to the role. Outside of being M&S’s deputy chairman he holds positions at Easyjet and Paramount restaurants.
He said: “I have decided that I am not going to stand as prospective chairman of Marks & Spencer. The job of chairman of M&S is at least three days a week and with all my other commitments I do not have sufficient time to devote to it.”
It is now likely that M&S’s next chairman will be an outsider.
Marc Bolland, the former Morrisons chief, joins M&S as chief executive in May.