Sir David Michels, the deputy chairman of Marks & Spencer, is believed to have shelved his ambitions to become chairman of the company when Sir Stuart Rose retires next year.
Sir David’s (pictured) appointment as non-executive chairman of Paramount Restaurants effectively rules him out of taking on a bigger role at M&S, according to industry claims in The Times.
“Despite what he’s said about wanting to become chairman, I’d be amazed if he threw his hat in the ring,” one recruiter told The Times.
“Being chairman of M&S would take up three days a week, giving him little time for his other roles. Also, if he did put his name forward and failed to get it, he’d almost certainly have to quit as deputy chairman of a company he absolutely loves.”
Sir David declined to comment on the reports, which come after M&S last month announced that former Morrisons boss Marc Bolland would succeed Sir Stuart as chief executive.
Morrisons’ Bolland to take M&S hot seat (18 November 2009)