Step forward Andy Bond of Asda and Marc Bolland of Morrisons, who are the bookies' second and third favourites to take over the top role at M&S.

Last night M&S faced fresh investor pressure over Sir Stuart Rose's highly controversial role as both executive chairman and chief executive. Corporate governance body Pirc called on shareholders to support an AGM resolution on July 8 to force a split.

Pirc's statement yesterday comes after influential shareholder advisory body RiskMetrics also urged support for the resolution, which demands the company seek to split the two senior roles by July 2010.

Some 22 per cent of investors abstained or voted against Sir Stuart's election as executive chairman last July. The appointment flouted UK corporate governance guidelines, which call on the posts of chairman and CEO to be separate.

In addition to these problems, Pirc has also advised shareholders to oppose the pay report at the high street retailer's AGM.

This is something Sir Stuart hoped to avoid when earlier this week he and M&S marketing director Steven Sharp agreed to give up a third of the shares awarded in a long-term bonus scheme.

Yesterday it was reported that M&S deputy chairman Sir David Michels has put himself forward as a possible replacement for Sir Stuart as chairman.

It is believed the move could spur Sir Stuart to quit before his planned retirement in July 2011.

But the real power will lie with whoever gets the top job as CEO.

Charlie Mayfield, the chairman of John Lewis, is favourite at 5/2 according to the odds from BGC Partners.

Andy Bond, CEO at Leeds-based ASDA is 7/2 and Marc Bolland, CEO at Bradford-based Morrisons is 4/1.

In fourth place is Justin King, CEO of Sainsbury's at 5/1, in fifth is Kate Bostock, head of fashion at M&S, at 5/1, in sixth is Kate Swann, CEO at WH Smith, at 8/1 while Ian Dyson, finance director at M&S is trailing in seventh place at 10/1.

Veteran city commentator David Buik at BGC Partners said that Charlie Mayfield must surely be the best candidate of the lot, although he could be too well looked after at John Lewis to consider a move.

Insiders believe that Morrisons' Marc Bolland, despite being third favourite, would not consider the M&S top job. Like Justin King at Sainsbury's, he is doing too good a job to move right now.

But in addition to this, Bolland simply isn't the type to jump ship.

Talk to anyone who's met him and worked with him and they speak about a man with great integrity and loyalty who wants to see through his plans for Morrisons.

But maybe Bond is a little farther down the line at Asda that he could consider jumping ship?

Analysts say he would take the M&S job like a shot if offered. He has a good pedigree in retailing having turned around Asda over the past few years.

But M&S can be quite snooty and there are rumours at its London headquarters that Bond could be seen as too downmarket for M&S. He may have turned Asda around they argue, but would he struggle at M&S?

It will be fascinating to watch how this particular piece of power play works itself out.

One thing seems sure, Sir Stuart is unlikely to achieve his goal and hang onto power until his planned retirement in 2011.