Marks & Spencer has bowed to pressure from UK corporate governance stalwarts decided to follow recommended best practice in UK corporate governance and split the role of chairman and chief executive.

Luc Vandevelde, who currently holds both roles, will revert to his original position as chairman, and Roger Holmes will take over as chief executive. The new roles will take effect from September 1, with Vandevelde becoming part-time chairman from the beginning of 2003.