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THIS IS NOT JUST ANY CHIEF EXEC...

MARKS &amp; Spencer yesterday stunned the City by naming WM Morrison&rsquo;s successful boss Marc Bolland as its new chief executive. The shock move was widely welcomed by investors in M&amp;S &ndash; but Morrisons&rsquo; shareholders suffered heavy losses.<br /><br />Sir Stuart Rose, who has been holding the position of executive chairman in defiance of corporate governance rules, said Dutch-born Bolland was the best candidate for the job due to his &ldquo;wealth of consumer marketing experience&rdquo;.<br /><br />Bolland&rsquo;s remuneration package and starting date are not yet known but Rose said that once Bolland is &ldquo;saddled up&rdquo;, he will step back to a three-day part time chairman role before he exits the group completely in July 2011.<br /><br />M&amp;S&rsquo;s share price jumped 5.89 per cent to 390p but Morrisons&rsquo; stock bombed by five per cent to 281p as investors questioned the future of the supermarket following Bolland&rsquo;s departure. <br /><br />Bolland turned around Morrisons after its acquisition of Safeway in 2004 almost destroyed it. He already has experience of taking over businesses from high-profile leaders, having taken the top job at Morrisons from Ken Morrison, a member of the original family and a large shareholder.&nbsp; <br /><br />Industry observers yesterday said that Bolland&rsquo;s move to M&amp;S&nbsp; would rattle Ken Morrison, who said in 2006 he was &ldquo;not looking for someone who is coming in for three years.&rdquo; That, of course, is exactly what Bolland ended up doing.<br /><br />Charles Stanley&rsquo;s Sam Hart said: &ldquo;I don&rsquo;t think anybody anticipated that Marc Bolland would be prepared to up-sticks only two-thirds of the way through his turnaround plan.&rdquo; In September, Bolland, who spent part of his career at Heineken, had said: &ldquo;I love Morrisons, I am happy here.&rdquo;<br /><br />Rose was previously said to have preferred an internal candidate, with finance director Ian Dyson, food head John Dixon and fashion head Kate Bostock all seen as front-runners. But Rose said: &ldquo;We had a preference for an internal candidate if they were the right one. But I now believe we have the best.&rdquo;<br /><br />Yet those candidates who have been passed over may now reconsider their long-term future at M&amp;S, analysts said. &ldquo;While one massive headache has been resolved, several new ones may have been created,&rdquo; one analyst said.