Bolland 'has months' to turn M&S around, warns major shareholder He was effectively given an ultimatum by one of the group's biggest shareholders on Monday to achieve an improvement in clothing sales by September or face calls for him to go. David Cumming, head of equities at Standard Life Investments told Radio 4's Today programme: "He has to get his autumn range right, that's when the management changes that he's made will have an impact. I think the market will wait to see how that range, which doesn't really come through until six to nine months, is going to work. If that is poor then he'll be under a lot of pressure. A number of other leading investors are supporting the Cummings line but some want to see an earlier improvement in both leadership and sales. Analysts are also anticipating swifter action but Mr Cummings, who has responsibility for Standard's 1.6pc M&S holding, believes the market has already taken account of the group's problems and is looking to see if any bidders are on the horizon. "So us and the market will wait but he is under pressure," he added. The beleagured Mr Bolland had a torrid time after unveiling disappointing Christmas sales figures and enduring a damaging early leak of the figures. Sales of clothing and other ranges of general merchandise were down almost 4pc, with the result that like for like sales dropped 1.8pc. Mr Bolland shrugged off questions about whether he would be announcing Christmas results in 2013 and said: "I will be here next year." The M&S board is said to be "fully behind" Mr Bolland but recognises that the autumn clothing range will be an acid test for the chief executive and the group. Analysts have downgraded pre-tax profits this year by 5pc to around £645m.