1st Oct 2018 11:01
LONDON (Alliance News) - Food, clothing and homewares retailer Marks & Spencer Group PLC said Monday Senior Independent Director Vindi Banga has retired with immediate effect.
Banga - director since 2011 - also held the role of chairman of the remuneration committee. He will be replaced in his senior independent director role by Andy Halford and as remuneration chair by Andrew Fisher.
"Vindi has been an extraordinary contributor to the M&S board over seven years and is as much as anyone author of the transformation team we have in place today," M&S Chairman Archie Norman said.
"With Robert Swannell he was highly instrumental in the appointment of Steve Rowe as chief executive and he oversaw the succession process for a new chairman," Norman added. "As SID and chairman of the remuneration committee the company has relied on him for his sagacity and judgement and he leaves with our enormous thanks."
Shares in M&S were 1.8% lower at 283.70 pence on Monday.
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