James Moore: Bostock takes the M&S bullet for Bolland
Outlook Poor Kate Bostock. The head of clothing at M&S failed to heed Leahy's Law, after Sir Terry, the former chief executive of Tesco.
It states that for senior executives when you depart is just as important as what you do: Tesco announced the now sainted retailer's retirement in March 2011. That was less than a year before it emerged the grocer's core UK business was suffering a severe bout of indigestion for which his successor is now carrying the can.
In failing to make a move quickly enough, she was left in the firing line and so had to take a bullet for Marc Bolland, her chief executive.
Sadly for Mr Bolland, the wolves are still hungry and they've every reason to be. He is the man in charge and he is the man who was handed an enormous golden hello by shareholders when he was hired away from Morrison's the grocer to do the job.
There are those who will argue Mr Bolland can't be blamed, that the weather hasn't worked in his favour and he should have been able to rely on subordinates who weren't shy of a bonus or two themselves. But if that is the case, why on earth is he being lavished with such a grandiose package? Some of the retail shareholders at yesterday's AGM clearly felt that way.
Fortunately, for Mr Bolland, it's the big institutions in the City that count. He's lucky that lots of fund managers at those big institutions failed their economics classes so apparently can't work out that paying millions for mediocrity doesn't do all that much for your funds.
They will have to act eventually, though. Disappointing trading statements are becoming a habit and even the most indulgent of institutions will eventually have to decide it's time to disappoint Mr Bolland by showing him the door.
Missing Malaysia Airlines Flight MH370: Wreckage could be found within a week as search reaches 'very critical juncture', says minister
The man they forgot to lock up: Mike Anderson was sentenced to 13 years in jail, but the police never came
Unbeliebable: The White House offer 'no comment' to anti-Justin Bieber petition
Loch Ness Monster found on Apple Maps?
South Korea ferry disaster: Families watch as remains of Sewol victims returned to shore
The food poverty scandal that shames Britain: Nearly 1m people rely on handouts to eat – and benefit reforms may be to blame
Scottish independence: It is the English who should be on their knees, begging the Scots to vote ‘No’
'Sinful': Video of British Muslims dancing to Pharrell Williams's hit Happy comes under attack
An open letter to Nigel Farage: you may smile, but I am not seduced
Nigel Farage: I’m taking on the status quo, and the Establishment’s fighting back
Abdullah Deghayes: My son was the martyr of a just cause, says father of British teenager killed in Syria conflict
- 1 Easter egg hunt horror as mother finds dead body under deck of house
- 2 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 3 Unbeliebable: The White House offer 'no comment' to anti-Justin Bieber petition
- 4 Loch Ness Monster found on Apple Maps?
- 5 Criminals ‘using unmanned drones and infrared cameras to find illegal cannabis farms’ – and then steal from the growers
iJobs Money & Business
Negotiable: Harrington Starr: Database Team Lead ( Leadership, Sybase, Compute...
£40000 - £50000 per annum + Bonus+Benefits+Package: Harrington Starr: C#.NET D...
£25000 - £35000 per annum + Bonus+Benefits+Package: Harrington Starr: VB.NET S...
£45000 - £55000 per annum + Bonus and Benefits: Harrington Starr: Trade Suppor...