UK retailer Marks and Spencer has said that incoming CEO Marc Bolland’s strengths in marketing and international business, along side his “youth” and “energy”, make him the right man for the job.
M&S’ current boss Sir Stuart Rose told media today (18 November) he was “thrilled” to appoint Bolland to the position he will vacate next year.
“Marc Bolland has got the youth, he’s got the energy and he’s got the will to want to do it,” Sir Stuart said.
Bolland has spent the past three years as chief executive of UK food retailer Morrisons, where he rejuvenated the company’s flagging top and bottom lines.
While Sir Stuart refused to “second guess” what Bolland will do to boost M&S’s food sales, the company must surely be hoping that he will be able to emulate the success witnessed in the turnaround of Morrisons.
Bolland has a reputation for shrewd marketing tactics and being ‘tough but fair’ with suppliers. “It would disappoint me if he was soft with suppliers,” Sir Stuart said.
Sir Stuart added that Bolland’s lack of experience selling clothes “didn’t bother him”, saying he was the right candidate to handle M&S’ international growth.
“There will be a need to appraise the strategy and move forward,” Sir Stuart added.
The company had hoped an internal candidate may emerge for the role, but Sir Stuart said speculated internal suitors, including John Dixon, were still excited at Bolland’s appointment.
“The board is delighted we’ve acquired the talent of Marc Bolland. All-in-all its a win-win and we’re looking forward to getting started,” Sir Stuart added.
M&S shares soared 6.44% to 392 pence on the London Stock Exchange following this morning’s (18 November) announcement.