M&S Chairman And Chief Executive Departure

M&S Chairman, Luc van de Velde, has left the company as the directors of the British concern ousted the company's chief executive Roger Holmes and announced van de Velde's immediate departure.

In the wake of Philip Green's 9 billion bid for the retailer, Stuart Rose, the new chief executive who replaces Roger Holmes, will be on course to defend the firm against a possible takeover.

Mr Rose has been widely seen as the only man able to persuade shareholders to reject the bid from Mr Green. He said in a statement to the Guardian: "I didn't take the job to sell the business - my task is to bring M&S back to its former glory."