Marks and Spencer chief executive Marc Bolland to quit

Mr Bolland will be succeeded by Steve Rowe, executive director of general merchandise.

Third-quarter sales of general merchandise were down by 5.8% for the thirteen weeks to 26 December.

But M&S said it had an "excellent quarter" for food, with record sales in the Christmas week.

Investors reacted positively, with Marks and Spencer shares rising more than 1% in morning trading.

There was no pressure on Mr Bolland to leave from shareholders or the board, Marks and Spencer chairman Robert Swannell said on a conference call with reporters. Mr Bolland is retiring after six years in the role.

"There has been absolutely no pressure at all on Marc [to leave]," Mr Swannell said, adding that succession planning had been "rigorous".

Planning Mr Bolland's succession had not been done "quickly on the back of an envelope", but instead had been a process that had gone on "for years", Mr Swannell added.

He declined to discuss whether Marks and Spencer had considered external candidates, but said the firm had used "external benchmarking" during a "thorough, rigorous process" to select candidates.

Mr Bolland had informed the board in the summer of 2015 of his intention to leave in mid-2016, he said.

Mr Rowe will receive a salary of £810,000 from 2 April 2016 as part of his chief executive remuneration package, the firm said.

He has been employed by the firm for more than 25 years, and has had roles including director of retail and e-commerce and positions in general merchandise.