Sir Stuart Rose, executive chairman of Marks and Spencer, said he would stand down as chief executive next year, as speculation mounted that John Dixon, director of food, was edging ahead in the race to succeed him.

Sir Stuart, unveiling better-than-expected trading in the retailer’s first quarter, said he would relinquish the chief executive’s role next year, but not until a successor was found. He also insisted that he would then stay on for a period as chairman.