Marc Bolland to leave Morrison's early
Marc Bolland, the chief executive of Morrison's, has been relieved of his duties at Morrison's having been forced to step down ahead of his move to UK retail giant Marks & Spencer. Despite the fact that he has been relieved of his duties with immediate effect he has yet to agree a release date from Morrison's. However, the fact he is paid £1.7 million a year will certainly be in the minds of Morrison's shareholders who will not want to continue covering his salary for a prolonged period.
It is unclear exactly why he was enforced a step down from his position at Morrison's although there are rumours that the directors were concerned about potential secrets which could be carried over to his new post at Marks & Spencer. The truth is that Marks & Spencer agreed a package with Marc Bolland purely and simply because of his reputation in the industry and the fact that he almost single-handedly turned Morrison's around just after the company completed the disastrous Safeway acquisition.
It will be interesting to see how this particular saga pans out because Marks & Spencer shareholders are awaiting his arrival with anticipation and the City is more than happy that Sir Stuart Rose has finally agreed to split his role within the group.
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