Marks and Spencer Group plc (M&S) announces that Sir Stuart Rose, currently Executive Chairman, will become Chairman from 31 July 2010 on a salary of £875,000.
Sir Stuart will continue to chair the M&S Board and ensure a smooth transition for Marc Bolland when he joins the company as its new Chief Executive on 1 May 2010.
Sir Stuart will leave the company in March 2011. Headhunters have now been appointed to identify and recruit an independent Chairman.
Sir David Michels, Deputy Chairman of Marks & Spencer, said, “The Board has set out this process to ensure a smooth transition over the coming months and enable Marc to draw on Stuart's considerable experience.
“We are pleased to be moving into the final stage of our commitment to split the roles and appoint an independent Chairman by March 2011.”
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