Marks and Spencer has announced that, after serving six years as Chairman, Robert Swannell has informed the M&S Board that he intends to retire in 2017.
Senior Independent Director Vindi Banga will now lead a process to identify and appoint the next M&S Chairman, and Robert Swannell will continue in his role until this process is complete.
Robert Swannell, Chairman 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.”