Marks & Spencer chairman to stand down
Marks & Spencer has capped a tumultuous year with the announcement that chairman Robert Swannell is to retire after six years of heading up the board of the high street giant.
Senior independent director Vindi Banga will now lead a process to identify and appoint a replacement and Swannell will continue in his role until that process is complete.
“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," Swannell said in a statement.
“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,” he added.
Robert Swannell
Rowe, an M&S lifer, was appointed to the role of CEO at the start of this year replacing Marc Bolland and beating off competition for the position from multichannel director Laura Wade-Gery who then left the business in September having decided not to return from maternity leave.
Last month Rowe revealed his plans to overhaul the business which has been struggling for some years to improve the performance of its Clothing & Home division. Announcing a further 5.3% decline in Clothing & Home in the six months to 1 October, Rowe confirmed Marks & Spencer would be closing 60 stores over the coming years. It will however open more of its Simply Food outlets.
It is also pulling out of directly-owned stores in several international markets (however some stores will remain in China and France and it will retain all of its stores in Ireland, Hong Kong and the Czech Republic) and moving towards a franchising model.
In a bid to turnaround its performance in clothing it will rationalise the number of own brands and lines it offers, reduce promotions and improve merchandising.
