Investors have welcomed the appointment of Robert Swannell as the next chairman of Marks & Spencer.
The appointment was “well received” at Brandes Investment Partners, which holds a 7% stake in the high street icon.
Brandes fund manager Amelia Morris told the Daily Telegraph Swannell would make “a good combination” with Marc Bolland, who took over as chief executive in May.
Seymour Pierce analyst Kate Calvert added: “He knows M&S, corporate governance and the City well, so I believe shareholders will welcome the appointment. The relationship between M&S and the City has been strained in recent years.”
M&S confirmed the appointment of Swannell yesterday. He will take over as chairman on 4 January, when Sir Stuart Rose leaves the business.
Swannell will continue as chairman of entertainment retailer HMV Group when he takes up his role at M&S. But he will relinquish non-executive roles at British Land and private equity group 3i.
Ex-Citigroup man Swannell handed M&S chairman role (23 August 2010)
Stewart succeeds Dyson as M&S finance chief (3 August 2010)