Sir David Michels will not be the next chairman of Marks & Spencer.
The current deputy to Sir Stuart Rose said his other business commitments meant he would not have enough time to fulfil the role.
“I am not going to stand as prospective chairman of Marks & Spencer,” Sir David told the Daily Telegraph. “The job is at least three days a week and with all my other commitments, I do not have sufficient time to devote to it.”
In December it was first reported that he was unlikely to throw his hat into the ring.
Sir Stuart will step down as chairman by the summer of 2011, with incoming chief executive Marc Bolland set to take the reins in May.
As well as being M&S’s deputy chairman, Sir David is senior non-executive director of easyJet, chairman of Chez Gérard-owner Paramount Restaurants and sits on the boards of Strategic Hotels & Resorts and Jumeirah Hotels.
He has also set up a hotels asset management business called Michels & Taylor.
M&S renews green commitments as Rose pay comes under fire (1 March 2010)
M&S announces first quarterly rise in two years (6 January 2010)
Michels ‘out of running for M&S chairman role’ (22 December 2009)