Steve Rowe will step down as chief executive of Marks & Spencer in May after six years in the job, with the British retailer opting for continuity by choosing two of his senior lieutenants as his successor.

Rowe, who joined M&S at the age of 15 before rising through the ranks, will step down after the food and clothing retailer reports annual results on May 25.

After a turbulent tenure in one of the most high profile jobs in British business he will exit as hopes are rising that one of the country’s most elusive turnarounds could finally materialise after more than a decade of false dawns.

By James Davey

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M&S Nudges up Outlook After Strong Christmas

British retailer Marks & Spencer (M&S) nudged up its profit outlook after it reported a strong Christmas performance, particularly in food, where it outperformed the market.