Marks and Spencer Group (M&S) has announced that Robert Swannell will next year replace Sir Stuart Rose as the clothing retailer’s chairman.
Swannell will join the M&S board on 4 October 2010 as a non-executive director prior to taking up his position as chairman on 4 January 2011.
Sir Stuart will continue as chairman until that date, when he will step down from the board and leave M&S. Rose was appointed M&S chairman in May 2004, and became executive chairman on 1 June 2008.
M&S said that 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. He is currently Chairman of HMV Group, senior independent director of The British Land Company PLC, which he joined in 1999, and senior independent non-executive director of 3i Group.
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.”
Robert Swannell said: “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.”
