The Board of Marks & Spencer announces that Stuart Rose will join the board as Chief Executive with immediate effect. Stuart brings a wealth of retail experience to the job and the board believes that he is the ideal person to deliver the full potential of Marks & Spencer for the benefit of its shareholders and customers. Stuart will be joined on the board by Charles Wilson. Charles has worked with Stuart at Argos, Booker and Arcadia. Steven Sharp will also be joining the management team. Roger Holmes is stepping down as Chief Executive with immediate effect.
The company announced on 10th May that Luc Vandevelde had indicated his intention to leave the board due to his personal commitments. Having secured the services of Stuart Rose, Luc believes it is inappropriate to prolong his departure and as such he will also be leaving the company with immediate effect. Paul Myners will assume the role of interim Chairman until a permanent appointment is made.
The board has expressed its sincerest thanks to Luc and Roger for the contribution they have made to Marks & Spencer. They have initiated important structural, operational and organisational changes and set the basis for the next phase of the company's development.
Commenting on the changes, Paul Myners today said:
"The board is very pleased to have somebody of Stuart's experience and retail prowess to lead the company into the next phase of its strategic development. The board is grateful to Luc and Roger for putting in place many of the building blocks for the sustained recovery and growth of the business."
Stuart Rose said:
"I am thrilled to have been appointed as Chief Executive. Marks & Spencer is a great company with a great history and a great reputation. I know the business well having spent the first 17 years of my retailing career with the company. My task is to harness the skills and energy of its people for the long term benefit of our customers and shareholders. I look forward to the challenge."
Luc Vandevelde said:
"I am delighted that Stuart Rose is joining Marks & Spencer and I wish him every success. I wish I could have stayed to see Marks & Spencer through the present circumstances but I can leave with the comfort that the company is in the best hands."
For further information, please contact;
Marks & Spencer Corporate Press Office 020 7268 1919
Investor Relations, Tony Quinlan 020 7268 4195
David Sharkey 020 7268 6193
The directors of Marks & Spencer Group plc accept responsibility for the information contained in this announcement and confirm that to the best of their knowledge and belief, (having taken all reasonable care to ensure that such is the case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.
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