Marc Bolland, the chief executive of supermarket chain Wm Morrison, has been appointed as the next chief executive of Marks & Spencer. The company announced this morning that Bolland will take up the position in the new year. Bolland is highly regarded in the retail sector having increased sales and profits at Morrisons during his three years running the company. "M&S is one of the world's great brands and I am very pleased to be given the opportunity to lead the company forward at this exciting stage," Bolland, aged 50, said in a statement. "I am greatly looking forward to working closely with Stuart and the M&S team." The City welcomed the appointment, sending shares in M&S rising more than 5% to 386p – raising its market capitalisation by £284m. Shares in Morrisons slid by 4% to 283p, knocking £331m off the company's value. The appointment ends a long saga at M&S, where Sir Stuart Rose is currently executive chairman.