Marks and Spencer chief Marc Bolland to retire following disappointing Christmas sales

His exit comes amid disappointing results for the Christmas period

Bolland took the helm at M&S six years ago

Marks and Spencer CEO Marc Bolland is to retire in April, the retailer has said as it announced disappointing results for the Christmas period.

Steve Rowe, executive director of general merchandise, will take the top spot at the British high street stalwart at the end of the financial year on April 2.

Bolland took the helm at M&S six years ago with an aggressive turnaround plan, spending billions of pounds on the redesign of products and stores.

But poor Christmas trading data showed the retailer was still struggling to compete on the high street. Sales were down 5.8 per cent on the same period last year in clothing and merchandise.

M&S - like John Lewis before them - said the warm winter weather had put people off spending on cold-weather clothes.

It said Black Friday had kicked off sales early, taking a toll on results.

Food sales fared better, up 17 per cent in Christmas week, but analysts said online sales up 20.9 per cent on the previous quarter was not as impressive as it first looked when compared with like-for-like sales on last year.

"We acknowledge there is more to do to address the disappointing [general merchandise] sales," Bolland said in the results statement.

Analysts reacted positively to Bolland's departure.

"Marc Bolland going is seen as positive. Steve Rowe an M&S lifer was in charge of general merchandising – can he see the woods from the trees?" said David Buik, market commentator at Panmure Gordon & Co.