Steve Rowe, who replaced Marc Bolland as M&S boss earlier this year, said that the retailer need to become a "simpler and more effective organisation if we are to deliver our plans to recover and grow our business".
"But it will have no impact on our ability to deliver our planned timetable for our customers throughout the Nottingham resignalling works," she added.
"We are fortunate to have Alan's continued leadership as well as talented senior leaders throughout our company who are developing and working together and delivering our plan".
"As a result of this review, and the additional £129m we provided in the final budget for 2012-13, to support our Five for a Fairer Future commitments, we are confident that our spending plans can deliver our programme for government.
Game chief executive Ian Shepherd said: "We're pleased to reach agreement with our lenders, but should be under no illusions about the challenges in our market or the hard work that is required to deliver our strategic plan".
Right now I want to … put everything in place for St George's to deliver our ambitious plans to develop services; improve our facilities (especially for women, children, kidney and cancer patients); achieve our academic potential in education and research; and raise the quality of patient experience so that all our services perform at the level already achieved by the best.
"I am delighted that this work has already led to new investment, and we will be working very closely with LaSalle to help deliver our joint plans".
"Far from weakening our resolve to deliver our economic recovery plan, this decision redoubles it.
"Far from weakening our resolve to deliver our economic recovery plan, this decision redoubles it," he added.
"Far from weakening our resolve to deliver our economic recovery plan, this decision redoubles it," he repeated, reassuringly.
