Harrods chief to step down in the summer

Harrods managing director Michael Ward is to step down from the luxury department store group this summer, reports Sky News.

Ward, who has previously held senior positions at venture capital firm Apax Partners, Celsio AG and Lloyd's Chemists, joined Harrods in 2005 when it was owned by Mohammed Al Fayed. The business was bought by Quatar Holdings for £1.5bn in 2010.

According to Sky, staff at the Knightsbridge department store were informed of Ward's forthcoming departure this evening. Ward is also chairman of luxury industry body Walpole, a position he was appointed to last month.