Marc Bolland will take up the reins at Marks & Spencer on 1 May.

Morrisons announced today that its outgoing chief executive had formally left the board and would be free to begin in his new role from 30 April – six months before the end of his contract with the supermarket.

The former Heineken boss has been on gardening leave since news of his shock switch emerged in November.

In a separate announcement, M&S confirmed he would take over from Sir Stuart Rose on 1 May and revealed details of his hefty remuneration package.

Bolland will be paid £975,000 a year basic, in addition to bonuses worth up to 2.5 times his salary and shares in the high street giant.

He will also trouser cash and further M&S stock worth several million pounds in lieu of potential earnings forfeited by leaving Morrisons.

Last week the Bradford-based chain named Dalton Philips as Bolland’s surprise successor – the second consecutive occasion Morrisons has plucked a chief executive from outside the recognised favourites.

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Editor's Comment: When Sir Terry goes, contrast the succession planning with Morrisons (30 January 2010)
Dalton Philips is new CEO of Morrisons (27 January 2010)
Bolland set for £5m windfall from M&S (23 November 2009)

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