Investors hand May deadline to M&S boss
Sunday 18 April 2004
Marks & Spencer's chief executive, Roger Holmes, faces being forced out by shareholders if trading does not improve in the coming months.
After last week's dreadful sales figures, the focus is on the review by Vittorio Radice, the head of homewares recently given responsibility for clothing.
It is thought he will present his findings in time for the full-year results at the end of May, and shareholders say this will be a critical time for M&S.
One investor said he wanted to see signs of stabilisation by the May update and over the summer. Commenting on Mr Holmes' tenure he added: "The board won't be doing its job if it doesn't see any sign of improvement in the next six to nine months and doesn't take affirmative action."
Another institutional investor said the pressure was now "piling on" Mr Holmes, who took over from Luc Vandevelde in 2002. The investor recently sold out of M&S, concerned by the retailer's weak trading. But he said he would consider buying back if Mr Holmes were replaced.
M&S's new Lifestore outlets have also caused concern. "It is spreading itself too thinly," the former investor said.
M&S may now become a bid target. One shareholder said: "M&S looks more vulnerable to a takeover than Sainsbury's. There is more speculative buying of Sainsbury's shares, but on the numbers I have done, M&S is now more likely."
Culinary experts in The Netherlands thought it was 'fresh' and 'tasty'
Of all the computers Apple has ever made there’s only one that Steve Jobs had to sell his car to finance
- 1 As an ex prostitute, I urge all the political parties to commit to the Sex Buyer Law
- 2 Nokia no more: Microsoft drops once-ubiquitous mobile name – in favour of its Lumia brand
- 3 Renee Zellweger on plastic surgery: 'I'm living a fulfilling life and I'm thrilled that perhaps it shows'
- 4 Australian café owner sparks debate after saying 'No' to having unruly children on premises
- 5 Couple die within 28 hours of each other after being married for 73 years
Renee Zellweger on plastic surgery: 'I'm living a fulfilling life and I'm thrilled that perhaps it shows'
Isis releases first video showing the stoning of woman accused of committing adultery as her father shouts 'don't call me Dad'
Banksy not arrested: Internet duped by fake report claiming artist's identity revealed
Diwali: What is the festival of lights – and how is it celebrated around the world?
Nelson Bunker Hunt dead: Former world’s richest man dies in 'modest circumstances' in US after losing his fortune
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Of course, teenage girls need role models – but not like beauty vlogger Zoella
Support for EU membership 'at highest level since 1991' with most Brits wanting to stay 'in'
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
iJobs Money & Business
£350 - £360 per day: Ashdown Group: SQL Developer with T-SQL, Watford, Hertfor...
£24000 - £28000 per annum + bonus & benefits: Ashdown Group: IT Business Syste...
£18000 - £23000 per annum + Commission: SThree: The SThree group is a world le...
£18000 - £23000 per annum + Comission: SThree: The SThree group is a world lea...