Economy
M&S confirms Robert Swannell as new chair |
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| Economy | |
| Written by Roberta Murray | |
| Tuesday, 24 August 2010 | |
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Marks and Spencer Group plc (M&S) has announced the appointment of Robert Swannell to its Board. Swannell, 59, will join the Board on 4 October 2010 as a Non-Executive Director prior to taking up his position as Chairman on 4 January 2011. This brings months of speculation and the more than six year tenure of Sir Stuart Rose to a close. Sir Stuart will continue as Chairman until that date, in order to ensure a smooth transition, and will then step down from the Board and leave M&S. Sir Stuart hired Swannell in 2004, who was then at the investment bank Citigroup, to help fend off the hostile £9.4bn takeover bid by the retail tycoon Sir Philip Green. Swannell brings considerable City experience having spent over 30 years in investment banking with Schroders/Citigroup. He was formerly Vice-Chairman Citi Europe and Co-Chairman of Citi’s European Investment Bank. More recently he has built up wide Board experience. Swannell is currently Chairman of entertainment retailer HMV Group plc; Senior Independent Director of The British Land Company PLC, which he joined in 1999; and Senior Independent Non-Executive Director of 3i Group plc. Swannell will receive a basic salary of £450,000, as non-executive chairman, as well as a car and driver. He has more than 30 years experience in investment banking and will work up to three days a week at M&S, The Independent reports. His salary represents a 49 per cent reduction on the hefty £875,000 that M&S pays Sir Stuart, which has been a source of controversy among certain investors and shareholders in the past. Sir Stuart Rose, M&S Chairman, said, “I am delighted that Robert is to be M&S’ next Chairman. His appointment completes our succession plan and enables us to revert to standard governance practice. His considerable experience of both the City and the commercial world will be a real asset to the Board and the business." Swannell commented, “It is a privilege to be asked to Chair one of the world’s greatest brands. I look forward to joining the M&S team and working with my new colleagues on the Board.” Marc Bolland, M&S Chief Executive said, “Robert will be an excellent Chairman for us. He has strong complementary skills and I am very much looking forward to working with him.” Sir David Michels, M&S Deputy Chairman, said, “On behalf of everyone at M&S I would like to welcome Robert to his new role. I would also like to take this opportunity to thank Stuart for his contribution and commitment to the company over the last six and a half years and wish him well for the future.” The appointment of Swannell is the final placement in the leadership team for Bolland, who took charge at M&S in May after leaving the grocer Morrisons. M&S also hired Alan Stewart, a former WH Smith executive, as finance director this month. Bolland commented that "Robert will be an excellent chairman for us. He has strong complementary skills and I am very much looking forward to working with him." |
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