The board of M&S has decided to extend the tenure of Archie Norman as chairman for three years from September 2026, subject to annual reviews.
Norman is set to reach the maximum nine years as chair under the UK corporate governance code in September next year, at which point companies must either comply with the recommended limit or publicly explain reasons for not doing so.
The extension of his tenure follows consultation with shareholders, executives and the committee of non-executive directors.
“The board is unanimous in its conviction that his continuation as chairman is in the best interests of the company and there is widespread support for this view across the shareholder base,” M&S said in a statement to the London Stock Exchange on Tuesday.
“M&S is a rapidly changing business with a recently strengthened executive team but there is a long way to go in delivering the ‘reshaping for growth’ strategy, and the company will benefit from the continued strong leadership and stability Archie’s chairmanship will bring.”
Senior M&S independent director Fiona Dawson said: “Archie has been an exceptional chair, steering an effective, engaged board and putting in place a highly capable leadership team under [CEO] Stuart Machin, which is transforming M&S and building a stronger, better business.
“There remains much to do, and Archie’s deep knowledge of the business, drive and unique experience will be invaluable as we move to the next phase of the ‘reshaping for growth’ plan.”
The appointment will be put to shareholder approval at M&S’s AGM next summer.
Shore Capital head of consumer research Clive Black said: “We very warmly welcome this news, and we sense that M&S shareholders will both share a collective sigh of relief and express pleasure that the board and CEO Stuart Machin et al will continue to benefit from Mr Norman’s immense experience, fabulous insight, and questioning mind, making for a uniquely talented individual.
“Whilst those of a rather prescriptive process bent may splutter, we firmly believe that this is good for all stakeholders in M&S in the here and now and further out too, and so we applaud Ms Dawson and the board for their bravery and commonsense.”
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