Executive search firm Russell Reynolds Ltd has been appointed by Marks & Spencer (M&S) to find a new chairman for its ailing retail business.

The current chairman, Luc Vandevelde, has said he wishes to quit the company’s board of directors because of a commitment he made to the family of Paul Louis Halley, a shareholder of French supermarket CarreFour.

Vandevelde, who has been with the company for four years and who was responsible for introducing the successful Per Una collection to the stores, has failed to achieve lasting rejuvenation.

In addition, because of his other posts, shareholders have been questioning his commitment to turning the ailing stores fortunes around.

Vandevelde will remain in his post until a new chairman has been appointed and is settled into the job.