The chairman of struggling high-street retailer Marks & Spencer, Luc Vandevelde, has chosen to step down after a four-year tenure with the firm. In his resignation he cited "personal commitments" to the family of Paul Louis Halley. Halley, who was killed in a plane crash last year, was one of the biggest shareholders in the Carrefour group. Vandevelde joined the Carrefour board following the accident.

Although M&S enjoyed a recovery period from 2000, when Vandevelde took control of the reigns at the company, weak fourth quarter sales caused M&S shared to plummet. This in turn fuelled pressure for Vandevelde to resign. Despite overall profits remaining in line with expectations, overall sales figures are down, and fears proliferate that the recovery period has come to a halt.