Marks and Spencer (M&S) boss Stuart Rose has pledged to stay with the British retail group for an extra two years as part of a management restructuring.
Britain's biggest clothing retailer said today that chairman Terry Burns would stand down on June 1st, and Mr Rose would then move from chief executive to become executive chairman.
It said Mr Rose, who has staged one of British retail's most notable turnarounds since he joined M&S in 2004, would remain with the company until July 2011. Mr Rose had previously committed to stay until 2009.
Finance director Ian Dyson is to take on additional responsibilities, including managing the group's store network, the retailer said.