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The first exception was made in 2000 when appointing Luc Vandevalde. In year 2003 the position of and CEO was given to the Roger Holmes, we was firstly made a head of M&S UK retailing, and latter on given this position when the former CEO wanted to withdraw.
Although during all these years Marks& Spencer steadily grew, their success and profits had a lot of ups and downs. There can be discovered a general trend. As it can be seen in Appendix 1 all the profitability ratios have reached their lowest point in 2001 and more or less increased to the same level in 2003 as it was in 1998. However in year 2003 they reported on their second successful Christmas period, which had risen their sales by 6...
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