Stuart Rose's name is as synonymous with Marks & Spencer as Philip Green's is with Arcadia, but today the fashion world is digesting the news that Rose will step down as M&S chief executive to make way for new blood in the shape of Morrison's chief Marc Bolland in the new year.
Rose's tenure has been widely accepted as a positive one - he masterminded the famous supermodel campaigns that put the once-ailing store back on the fashion map - but Bolland's appointment settles unrest among shareholders, who were unhappy about Rose taking on the dual roles of chief executive and executive chairman 18 months ago.
It has been revealed that various candidates for the job have been taking part in an X Factor-style contest, in which Bolland was not considered the favourite, for the past three months.
While Bolland's CV is built on grocery, not fashion, Rose is confident that he's the best man to step up to the plate - despite M&S being the UK's largest clothing retailer.
"We don't live in a national world any more. We live in a global environment and need a chief executive with an international perspective," said Rose, referring to the skill-set of Netherlands-born Bolland, who is reportedly keen to overhaul M&S' online strategy and seek brand expansion abroad.
Rose, meanwhile, will revert to working a three-day week - and plans to enjoy his new-found freedom in style.
"I want to go to more parties, as I've had to miss out over the last few years," he tells today's Guardian.
Picture: Stuart Rose.
