LONDON — Luc Vandevelde, part-time chairman of Marks and Spencer Group plc, will step down as chairman of Marks & Spencer Financial Services. He will be replaced by Roger Holmes, who earlier succeeded him as chief executive of M&S.

Vandevelde, who continues as chairman, also will be handed a new remuneration package in the form of stock to be paid on the basis of 13,500 shares per calendar month. He will no longer be eligible for a bonus or pension contributions.

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