Vittorio Radice, the former Selfridges boss who developed the Lifestore concept at Marks & Spencer is to leave the company this Friday with a payoff of about £800,000.

The executive joined Marks & Spencer in March last year and was recently appointed the job of director of general merchandise, which included clothing.

This is the second board shake-up by the new chief executive Stuart Rose since Philip Green revealed he was planning a bid for the company.

According to The Times today, Mr Rose said that the decision followed two or three days of discussion and was “a completely mutual decision.”

He explained that there had not been a “meeting of minds” on plans for the future strategy of the business despite the fact that “Vittorio is a hugely talented retailer.”

Mr Radice’s departure will also raise questions about the future of his Lifestore concept, after the company admitted last month that sales at the store, which cost £14m to kit out, were missing targets.

The shake-up also affects Maurice Helfgott, who would move from food chief to executive director of menswear, childrenswear and home. Guy Farrant will take on responsibility for food for the time being.

Charles Wilson is to become executive director for property, IT and supply chain. Steve Sharp heads marketing, store development and design.

The shake up will not affect the appointment of Kate Bostock, who is joining from Asda to head up womenswear.