Marks & Spencer Group chairman Robert Swannell is to retire in 2017 after six years in the role.
He will continue to act as chairman until a replacement is found.
Senior independent director Vindi Banga will lead a process to identify and appoint his replacement.
Swannell joined the retailer on 4 October, 2010 as a non-executive director and became chairman on 4 January 2011. The former Citigroup banker Swannell replaced Sir Stuart Rose.
He advised M&S on its defence against Philip Green’s hostile takeover approach in 2004.
“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,” he said.
“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.”
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