Marks and Spencer names new chair

Marks and Spencer has appointed
former investment banker Robert Swannell as its new chairman.

The 59-year-old will earn an annual
salary of $698,980. He will take over the role from Sir Stuart Rose from
January next year.

Mr. Swannell spent 30 years at
Schroders (later Citigroup), where he advised M&S on its defence of a
hostile takeover bid by Topshop owner Sir Philip Green.

He will join M&S from music
retailer HMV, where he is chairman.

Retail analyst Neil Saunders said
it made “strategic sense”.

“He knows his way around M&S,
retail and the city. Sure, he’s not as big a personality as Sir Stuart, but he
is just as competent and that’s what counts,” said Mr. Saunders, a director at
Verdict research.

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