Stuart Rose to become chairman at Marks & Spencer
M&S chief executive Stuart Rose is to become chairman
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Monday, 10, Mar 2008 04:10
Marks & Spencer's chief executive Stuart Rose has been appointed chairman of the retailer, with the current head Lord Burns stepping down in June 2008.
Sir Stuart, who oversaw a turnaround at Marks & Spencer (M&S), has committed to stay at the company until July 2011, when he will retire.
Britain's biggest retailer said it would appoint an additional non-executive director in due course.
David Michels has been appointed deputy chairman from June 1st 2008, while Ian Dyson will become group finance and operations director.
Mr Dyson will also take on retail and HR, alongside his current responsibilities of finance, IT, logistics, property and store development.
Previously, Sir Stuart had only confirmed he would say until 2009.
Sir Stuart said: "This is an important time in its development. In taking on the role of executive chairman, my task will be to guide the business through the next stage of growth."
Other management changes include the appointments of Kate Bostock and Steven Esom to the board.
Kate Bostock will assume responsibility for all clothing - womenswear, menswear, lingerie and childrenswear - excluding per una, while Steven Esom will continue to be responsible for food.
Although unusual for a large company to combine the roles of chief executive and chairman, Sir Stuart is credited with the remarkable turnaround at M&S.
After joining the retailer in 2004, Sir Stuart oversaw a resurgence in M&S that doubled the company's stock value.