M&S Chairman Robert Swannell to retire in 2017

Chairman of Marks and Spencer Group (M&S) Robert Swannell has informed the company’s board that he intends to retire in 2017 after serving in the position for last six years. Senior independent director Vindi Banga will now lead a process to identify and appoint the next M&S Chairman and Swannell will continue in his role until this process is complete.

Commenting on his retirement plans, Swannell said in a staetement, “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. 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.”

Swannell was appointed as non-executive director of M&S in October 2010 and became Chairman in January 2011. Until 2010, he spent over 30 years in investment banking with Schroders/Citigroup. He was formerly vice-chairman of Citi Europe and chairman of Citi’s European Investment Bank.

Picture:Facebook/M&S