M&S signs Swannell
MARKS & Spencer has ended the long-running controversy over its management regime by appointing Robert Swannell, chairman of music retailer HMV, to replace Sir Stuart Rose.
M&S said investment banking specialist Swannell, 59, will join the board in October before assuming the chairman’s role on January 4, 2011, on a salary of £450,000, nearly half the £875,000 earned by Rose.
M&S faced criticism from institutional shareholders and City watchdogs after allowing Rose to combine the roles of chairman and chief executive in 2008 against corporate governance guidelines. Swannell’s appointment means M&S reverts to standard governance practice, with former Morrisons boss Marc Bolland succeeding Rose as chief executive in May.
Rose joined the retailer in 2004 to fend off a takeover approach from billionaire retailer Philip Green, a defence that Swannell, then at Citi, advised on.
Swannell has more than 30 years experience in investment banking with Schroders and Citigroup, chairing the latter’s European operations. Bolland said: “Robert will be an excellent chairman for us.”