The British retailer's "transformation" plan has been hindered after weakened clothes sales, resulting in a 17 percent drop in first-half profit.

Humphrey Singer will step down after a little more than a year at the retailer, marking another setback for the company as it's demoted from the UK's leading share index.

The British retailer is expected to report a renewed decline in clothing and homeware sales in its latest quarter, dampening the euphoria in recent months of its first increase in two years.

The appointment follows this week’s surprise announcement that Halfords Group Plc CEO Jill McDonald will take over as head of M&S’s struggling clothing business.

Steve Rowe, a 26-year company veteran, took over as chief executive in April and has the tough task of reviving the 132-year-old British institution.

BoF compiles the most important professional moves of the week.

Marc Bolland will step down as the boss of retailer Marks & Spencer in April, bringing an end to a turbulent tenure in which he modernised the 132-year-old British institution, but failed to bring its clothing back into fashion.