Luc Vandevelde has resigned as chairman of UK retailer Marks & Spencer. His decision has been prompted by personal commitments made to the Halley family, which owns the retail group Carrefour and which arise from the untimely death of Paul Louis Halley late last year. Vandevelde founded Change Capital Partners with £300m from the Halley family last year.
The fund is focusing on small to mid-sized buyouts in consumer industries, which is where Vandevelde’s skills lie and where the Halley family is knowledgeable.Change Capital recently joined forces with AlpInvest and Change Capital to acquire Ducth retailer Vendex. As Vendex is considered an M&S competitor, the deal is said to have brought up various issues regarding potential conflicts of interests for Vandevelde.