Marks & Spencer chairman Swannell to retire next year
Marks & Spencer chairman Robert Swannell plans to retire in 2017 after six years in the job.
FTSE 100
8,282.76
16:59 24/09/24
FTSE 350
4,567.19
17:10 24/09/24
FTSE All-Share
4,523.37
16:39 24/09/24
General Retailers
4,233.04
17:10 24/09/24
Marks & Spencer Group
375.40p
17:00 24/09/24
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.