13th Dec 2016 10:41
LONDON (Alliance News) - Marks & Spencer Group PLC on Tuesday said Chairman Robert Swannell will retire in 2017, after serving six years in the role.
The clothing and homeware retailer gave no specific time during 2017 for Swannell's departure, but said he will continue in his role until a replacement is identified and appointed. M&S holds its annual general meeting in July.
"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," Swannell said.
"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," he added.
Shares in M&S were trading up 0.2% at 344.12 pence on Tuesday.
By Karolina Kaminska; [email protected]; @KarolinaAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
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