Marks & Spencer chairman Swannell to retire next year

Marks & Spencer chairman Robert Swannell plans to retire in 2017 after six years in the job.

The retailer said on Tuesday that Swannell will stay on in his role until the process of identifying and appointing a replacement – led by senior independent director Vindi Banga – is complete.

Swannell said: "A year ago we chose Steve Rowe as our chief executive. Steve completed a thorough analysis of the business and developed a detailed plan to build a simpler and more relevant M&S.

"This plan is now underway and I feel that it is the right time for the business to look for a new chairman. It is a real privilege to chair this iconic company and I will continue to do so until my successor is in place."

Last month, M&S reported a sharp drop in first-half profits as Rowe closed the benefit pension scheme and announced a £500m investment plan to shut 113 stores in the UK and overseas to try and return the retailer to profitable growth.

At 1110 GMT, the shares were up 0.3% to 344.30p.