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Headhunters are on the search to find a replacement for Sir Stuart Rose as chairman at Marks & Spencer (M&S).

M&S has announced Rose will leave the company in March 2011.

The retailer has also revealed that Rose, currently executive chairman, will become chairman from 31 July 2010 on a salary of £875,000.

He will continue to chair the M&S Board and ensure a "smooth transition" for Marc Bolland when he joins the...