British retailer Marks and Spencer said yesterday that Chief Executive Marc Bolland would retire, as the group announced a slump in clothing sales during the key Christmas trading period. "Marks and Spencer Group plc today announces that Marc Bolland has informed the board that, after six years in the role, he wishes to retire as CEO in 2016," the clothing-to-food retailer said in a statement. He will be succeeded by M&S veteran Steve Rowe at the start of April, who will receive a basic annual salary of $1.18 million, it added. While Bolland has overseen a strong performance by the group's food division, clothing sales have consistently been weak under his stewardship. M&S said that sales in its general merchandise division, which includes clothing and household items but not food, slumped by 5.8 percent in the 13 weeks to Dec. 26 - hit by milder-than-expected weather.