Headhunters are on the search to find a replacement for Sir Stuart Rose as chairman at Marks & Spencer (M&S).
M&S has announced Rose will leave the company in March 2011.
The retailer has also revealed that Rose, currently executive chairman, will become chairman from 31 July 2010 on a salary of £875,000.
He will continue to chair the M&S Board and ensure a “smooth transition” for Marc Bolland when he joins the company as its new chief executive on 1 May.
Sir David Michels, deputy chairman at M&S, said, “The board has set out this process to ensure a smooth transition over the coming months and enable Marc to draw on Stuart’s considerable experience.
“We are pleased to be moving into the final stage of our commitment to split the roles and appoint an independent chairman by March 2011.”
