Marks & Spencer Group (M&S) today confirmed the appointment of Robert Swannell to its board.
Swannell, 59, will join the board on 4 October as a non-executive director prior to taking up his position as chairman on 4 January 2011.
M&S said: “Sir Stuart Rose will continue as chairman until that date, in order to ensure a smooth transition, and will then step down from the Board and leave M&S.”
Swannell is said to bring “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.
More recently Robert has built up wide board experience. He is currently chairman of HMV Group plc; senior independent director of The British Land Company PLC, which he joined in 1999; and senior independent non-executive director of 3i Group plc.
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.”
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.”
Marc Bolland, M&S chief executive said: “Robert will be an excellent chairman for us. He has strong complementary skills and I am very much looking forward to working with him.”
Sir David Michels, M&S deputy chairman, said: “On behalf of everyone at M&S I would like to welcome Robert to his new role. I would also like to take this opportunity to thank Stuart for his contribution and commitment to the company over the last six and a half years and wish him well for the future.”
Source: M&S
