After serving six years as Chairman, Robert Swannell has informed the M&S Board that he intends to retire in 2017, Marks and Spencer Group plc (“M&S”) announces. 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.
Before taking the control of M&S board in 2011, Mr. Swannell was known as the Citi banker who helped Marks & Spencer fend off a £9.4bn takeover bid from Sir Philip Green in 2004.
“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.”