Some questioned chairman Robert Swannell’s decision to replace Bolland with an internal candidate at a time when the company has been struggling for several years.
Swannell refused to say whether he had interviewed any external candidates for the position, with Bolland first approaching the board last summer, revealing his wish to retire this year.
He said: “This has been the most rigorous process… I’m delighted that we have chosen Steve as Marc’s successor. Steve’s record in the business is obvious.”
Swannell said outside advisers were brought in to find a replacement, but would only say “we did external benchmarking” when asked if other candidates were interviewed.
"Rowe is a known quantity operationally but unproved at the highest level. So there is risk in this appointment."
<p>Haitong analyst Tony Shiret</p>
Some analysts were wary of Rowe's appointment, suggesting Rowe was an unknown quantity as a chief executive, and others said he must move away from some of Bolland’s strategies.
Freddie George, retail analyst at Cantor Fitzgerald, said: “The Bolland retirement was not a surprise, but the fact that the company has appointed an internal candidate is a surprise.”
Tony Shiret, retail analyst at Haitong, said: “We consider [Rowe] similar in overall qualities to Michael Sharp at Debenhams, being a known quantity operationally but unproved at the highest level.
“So there is risk in this appointment and we would expect that guidance from the finance chief Helen Weir will be crucial for how the team in total delivers.”
