Marks and Spencer’s chairman Luc Vandevelde is to “step into a more traditional role of a chairman” from September while his pay package will more closely reflect the group’s share price.

From September Vandevelde will chair the board and the Corporate Social Responsibility committee and step down as chairman of M&S financial services. This role will be taken up by Roger Holmes, the group's chief executive.

Vandevelde will be paid 13,500 M&S shares per calendar month. He will no longer be eligible for a bonus or pension contributions.