It has been reported that the ex- chairman of Cadbury, Roger Carr, has denied drawn himself back from becoming the chairman of Marks and Spencer, while Sir Stuart Rose is expected to leave by insiders before his formal exit date of March 2011.

It is said that Mr. Carr is seeking for better global opportunities, while he was considered as one of the foremost nominees to succeed Sir Stuart as chairman.

Alan Parker, the outgoing Chief Executive of Whitbread; Mervyn Davies, the former Chairman of Standard Chartered; Sir Crispin Davis, former Chief Executive of Reed; and Niall Fitzgerald, Deputy Chairman of Reuters are some of the other names who would be contending alongside Mr. Carr.

On the other hand, the selection team of the panel could be put forward with a shortlist of contenders as early as next week.

It is said that M&S, is likely to make declarations regarding the yearly revenues between £620m and £630m, and it stays enthusiastic to name a descendant before its July 14 yearly conference.

According to the people close to the retailer, Sir Stuart is doubtful to stay until next March.

A person stated, "M&S hasn't agreed [that he leaves at] the end of December, it just depends on how much Marc Bolland needs him. It is purely a commercial consideration but I would guess that he won't last into 2011”.