Marks & Spencer chairman Luc Vandevelde is to leave the UK retailer. In a recent statement it was said: "a search is under way for a new chairman and Luc will remain in post for as long as necessary to establish his successor."

M&S said Vandevelde's decision has been prompted by personal commitments to the Halley family following the death of Paul Louis Halley last year. The Halley's are a major shareholder in French supermarket chain Carrefour, with Vandevelde representing their interests on the board. . With M&S now once again seeing sales slipping, there has been widespread concern among M&S shareholdrs that Vandevelde's part-time role and outside interests do not allow him to commit enough time to the business. As well as Carrefour, he is on the board of Vodafone and runs private equity business Change Capital.