Marks & Spencer chief executive Marc Bolland to retire after poor Christmas sales

Retailer Marks & Spencer has announced that chief executive Marc Bolland will retire in April after six years in charge.

Mr Bolland oversaw a dire Christmas performance from its womenswear division but the chairman of the firm, Robert Swannell, insisted that there was "no pressure" on him to step down.

He will be replaced by general merchandise boss Steve Rowe.

Details of the move emerged after M&S revealed like-for-like sales in its general merchandise arm, which includes clothing, slumped by 5.8% in the 13 weeks to December 26.

The poor sales figures were blamed on unusually mild weather and poor stock availability.

Mr Bolland said it had been "a huge honour to lead one of Britain's most iconic companies".