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M&S dumps CEO Salsbury
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September 18, 2000: 4:30 a.m. ET
Chairman Vandevelde takes on post, names Kingfisher's Holmes as UK head
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LONDON (CNNfn) - Britain's largest clothing retailer Marks & Spencer PLC on Monday dumped its chief executive of 20 months and appointed Chairman Luc Vandevelde to take his place.
Marks & Spencer, which in the U.S. is the owner of store chain Brooks Brothers, said Peter Salsbury would step down with immediate effect. Salsbury became chief executive in November 1998 after a messy succession battle to replace long-serving chairman and CEO Richard Greenbury.
M&S is struggling to get back on track after declines in sales and profit amid increasing competition on the British high street.
The company named Roger Holmes, 40, who is the former head of retailer Kingfisher PLC's electrical-goods business, as head of M&S's U.K. retail division. He will be responsible for the company's 297 British stores, and its direct and e-commerce businesses.
 "After six months in my role, I'm clear that in today's challenging trading conditions we need to step up the pace and quality of implementation," Vandevelde said.
"These changes will inject new blood and management skills to strengthen our capability in strategy and execution," he said. "I am confident the new team will help me to progress more quickly the company's return to acceptable levels of performance."
Marks and Spencer said its U.K. retail sales rose 0.8 percent in the 24 weeks ended Sept. 16, but fell 1.2 percent on a like-for-like basis. Clothing sales declined 1.4 percent.
The company said protestors' blockades of U.K. fuel refineries in the past two weeks caused it to lose £21 million ($29 million) in sales.
M&S's shares dipped 2.5 pence, or 1.2 percent, to at 207.5 in early trading in London. 
-- from staff and wire reports
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Marks & Spencer
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