British retailer Marks & Spencer has begun looking for a replacement for chairman Mr Luc Vandevelde.
Mr Vandevelde, a part-time chairman who holds several other high-profile directorships in the retail industry, has told the company, the biggest clothing retailer in Britain, he wishes to step down due to personal commitments, the firm said in a statement.
Mr Vandevelde has drawn criticism from investors for devoting too little time to the job. Last month the company disappointed investors with a big fall in fourth-quarter sales, taking its shares to a year low. Core clothing ranges are struggling as the group loses market share to rivals such as Next.
A spokeswoman for Marks & Spencer said the firm had appointed headhunters to find a replacement for Mr Vandevelde but that the company was not working to a deadline to find the right person.
One name suggested as a possible successor was Mr Archie Norman, a former chairman of supermarket chain Asda and a member of parliament for the Conservative Party.
Other possibilities were Mr David Varney, outgoing chairman of mobile phone firm Mmo2; Mr Derek Higgs, whose review of British boardroom practices gave rise to the Higgs Code of corporate governance; and Mr Stuart Rose, former boss of fashion retailer Arcadia.