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Marks & Spencer nabs top man from Morrisons

Marc Bolland, the boss of Morrisons, has today accepted a job offer from Marks & Spencer which will see him installed as chief executive in the New Year. This is a move which will anger Morrisons directors and shareholders but with the opportunity to double his salary, as well as a more lucrative bonus package, there would appear to have been little to think of when the offer was made.

This brings to a close one of the most controversial and long running sagas at Marks & Spencer where Sir Stuart Rose has been under constant pressure after his determination to retain the role of chief executive and chairman. He will continue in his role as non-executive chairman of Marks & Spencer with a brief to ensure the new chief executive settles in well and hits the ground running. The rise in the Marks & Spencer share price today reflects the relief amongst institutional shareholders that finally the dual role at the top the company has been split and such a well-known and well respected figure has agreed to take on the role of chief executive.

This will be a very different animal to the one which Marc Bolland joined when Morrisons was in trouble after the acquisition of Safeway, but there will be more than enough challenges to keep him busy!

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