Marc Bolland, CEO at British chain Marks & Spencer, has decided to resign after it became clear that his plans to re-energize the chain did not catch on.
Bolland had been with Marks & Spencer since 2010 and was charged with boosting the chain's sales. The once popular British chain has lost a lot of its shine as the years went by and he was asked to rekindle the flame.
However, Bolland's new strategies did not seem to catch on and he has now thrown in the towel after a disastrous holiday season. The like-for-like turnover within "general merchandise", Marks & Spencer's most important category, dropped 5.8 % during the holidays, even more than anticipated.
Marks & Spencer general merchandise's executive director Steve Rowe will take Marc Bolland's place. He started out as an employee on Saturday and rose the ranks over the past 25 years.
Bolland will stay in office until 2 April and will advise until 30 June. After that, he will leave Marks & Spencer.