Life after Bolland starts with growth slump for Morrisons

Marks & Spencer announced on Wednesday that the Dutchman will replace Sir Stuart Rose as its chief executive.

Speaking for the first time since his surprise appointment, Bolland said: "This was simply an opportunity I could not miss. I have enjoyed my time at Morrison -- there is a great team here."

A rising star of the sector, Bolland has overseen a resurgent performance at Britain's fourth largest grocer during his three year tenure. He will stay on to the financial year end.

In an unusual step Morrison chairman Sir Ian Gibson attended the third quarter trading presentation which revealed underlying revenue growth had slowed to 4.3pc in the third quarter from a stellar 7.8pc in the first half.

Gibson attempted to gloss over the defection as he insisted "we are not in a state of panic here" and said a replacement would be found early in the new year.

"The objective is to find the right person, male of female, rather than hurtle into it," said

Gibson. He also paid tribute to Bolland saying: "Marc has made enormous contribution to Morrison.

"We are grateful for his work and leadership, but have a strong, stable, and growing business with a management team well equipped to cope with the transition.

"The board is confident we will be able to identify a suitable successor."

Finance director Richard Pennycook threw his hat into the ring saying he was interested in the top job.

"We think we have had a pretty good run and there's more to come," he said.

The slower rate of sales growth was due to a rapid decline in food price inflation, the firm said, a trend that has affected most of its peers. But the grocer booked a record number of customers claiming they were attracted by its fresh food and value promotions.

Its average number of customers rose to 10.8m a week -- up more than 1.6m from two years ago.

Pennycook said there were signs consumers were reverting to more normal spending patterns after switching to cheaper products earlier in the year.

However, its value range was still growing by double-digits in comparison to its "single digit" gains for its top end ranges.

The shares were flat at 282p having sunk more than 5pc on news of Bolland's departure on Wednesday.

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