Marks & Spencer has launched a search for a new chairman after Robert Swannell announced plans to retire after six years in the role.
Mr Swannell aims to retire in 2017, but will stay on until his successor is appointed.
He said: “A year ago we chose Steve Rowe as our chief executive. Steve completed a thorough analysis of the business and developed a detailed plan to build a simpler and more relevant M&S.
“This plan is now under way and I feel that it is the right time for the business to look for a new chairman.”
He added: “It is a real privilege to chair this iconic company and I will continue to do so until my successor is in place.”
M&S said last month that it will close around 60 clothing and home stores to focus on food and warned of more than 2,100 job losses under plans to axe 53 overseas shops.
Details of the restructure came as it revealed an 18.6% fall in underlying pre-tax profits to £231.3million for the six months to October 1, while bottom-line profits crashed 88.4% to £25.1million.
