Sir Stuart Rose has sold shares in Marks & Spencer worth £400,000.
The news marks the first time Sir Stuart has offloaded stock in the retail chain in six years as chief executive and subsequently chairman. He remains the company's largest individual shareholder.
“Sir Stuart told the board two months ago he was planning to sell some shares for personal reasons,” a spokesman for M&S told the Daily Mail.
“He remains a committed shareholder in the company and wholeheartedly supports Marc Bolland’s strategy.”
Earlier this week Bolland unveiled his long-awaited business review, six months after taking over as chief executive.
He described the new business plan as “evolution not revolution” but vowed to slash the number of brands available in M&S stores.
Bolland cuts back the brands in new M&S masterplan (9 November 2010)
The new generals of retailing (analysis; 6 November 2010)