UK retail giant Marks and Spencer has announced the appointment of Marc Bolland as its new chief executive, where he will replace Sir Stuart Rose.

Bolland joins from rival supermarket Morrisons where he was chief executive. He will take up his position in the New Year at a time and on terms to be confirmed.

M&S chairman Sir Stuart Rose said: “I am delighted that Marc is to be M&S’ next chief executive. He brings a wealth of consumer marketing experience and has made a great success of his time at Morrisons.

“We very much look forward to welcoming him and working together.”

Bolland said: “M&S is one of the world’s great brands and I am very pleased to be given the opportunity to lead the company forward at this exciting stage. I am greatly looking forward to working closely with Stuart and the M&S team.”

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On Marc taking up his position as M&S’s new chief executive, Sir Stuart will continue as part-time chairman of M&S to ensure a smooth transition, the company said.

As previously announced, Sir Stuart is scheduled to leave M&S by July 2011.

Bolland joined Morrisons in September 2006 as chief executive. Prior to that he was COO and executive board member at Dutch brewing giant Heineken. He is also currently a non-executive director of Manpower in the USA.