Marks & Spencer chairman Sir Stuart Rose (pictured) has said the retailer appointed Morrisons’ boss Marc Bolland as its new chief executive to accelerate the brand’s international growth.
“M&S is a brand with huge potential and we need to translate this to the international arena. Marc understands brands, has international experience and turnaround experience,” Rose said.
As well as turning around the fortunes of Morrisons, Rose drew attention to the international brand building experience Bolland gained in almost 30 years at Heineken, the Dutch drinks group.
Rose did not say whether Bolland had been M&S’s first choice as chief executive, but pointed to the 30p rise in the company’s share price following the announcement of his appointment.
Rose added that the process of finding his successor as chairman would start next spring.
Richard Pennycook, Morrisons’ finance director, has emerged as an early name in the frame to take over from Bolland as chief executive.
Morrisons said Sir Ian Gibson, non-executive chairman, and the nominations committee, which includes Philip Cox, the former chief executive of International Power, would consider both internal and external candidates.
