Swannell to chair M&S from October

Marks & Spencer has confirmed Robert Swannell as its next chairman, bringing to a close months of speculation and the more than six year tenure of Sir Stuart Rose.

Mr Swannell, the current chairman of entertainment retailer HMV, will join M&S as a non-executive director on 4 October. After a handover period he will take the reins as chairman on 4 January, when Sir Stuart will depart. Sir Stuart actually hired Mr Swannell, who was then at the investment bank Citigroup, to help fend off the hostile £9.4bn takeover bid by the retail tycoon Sir Philip Green in 2004.

As non-executive chairman, Mr Swannell will receive a basic salary of £450,000, as well as a car and driver. He has more than 30 years experience in investment banking and will work up to three days a week at M&S.

His salary represents a 49 per cent reduction on the £875,000 that M&S pays Sir Stuart, who is the best-paid chairman in the FTSE 100. The salary of Sir Stuart – who has at times had a rocky relationship with the City, particularly over the dual role he took in 2008 – was a source of controversy among certain investors.

Mr Swannell said: "It is a privilege to chair one of the world's greatest brands." It emerged yesterday that he will give up his non-executive roles at the property company British Land and the private equity firm 3i. The appointment of Mr Swannell is the final piece in the top team jigsaw for Marc Bolland, who took the helm at M&S in May after leaving the grocer Morrisons.

This month M&S also hired Alan Stewart, a former WH Smith executive, as finance director. Mr Bolland said: "Robert will be an excellent chairman for us. He has strong complementary skills and I am very much looking forward to working with him."

Mr Bolland, who could earn up to £14.8m in his first year, including compensation for rewards at Morrisons, will unveil his vision for M&S at its interim results in November.

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksA special investigation by Andy McSmith
  • Get to the point
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Neil Pavier: Commercial Analyst

£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...

Loren Hughes: Financial Accountant

£45,000 - £55,000: Loren Hughes: Are you looking for a new opportunity that wi...

Sheridan Maine: Finance Analyst

Circa £45,000-£50,000 + benefits: Sheridan Maine: Are you a newly qualified ac...

Sheridan Maine: Financial Accountant

£150 - £190 Daily Rate: Sheridan Maine: One of London's leading water supplier...

Day In a Page

No postcode? No vote

Floating voters

How living on a houseboat meant I didn't officially 'exist'
Louis Theroux's affable Englishman routine begins to wear thin

By Reason of Insanity

Louis Theroux's affable Englishman routine begins to wear thin
Power dressing is back – but no shoulderpads!

Power dressing is back

But banish all thoughts of Eighties shoulderpads
Spanish stone-age cave paintings 'under threat' after being re-opened to the public

Spanish stone-age cave paintings in Altamira 'under threat'

Caves were re-opened to the public
'I was the bookies’ favourite to be first to leave the Cabinet'

Vince Cable interview

'I was the bookies’ favourite to be first to leave the Cabinet'
Election 2015: How many of the Government's coalition agreement promises have been kept?

Promises, promises

But how many coalition agreement pledges have been kept?
The Gaza fisherman who built his own reef - and was shot dead there by an Israeli gunboat

The death of a Gaza fisherman

He built his own reef, and was fatally shot there by an Israeli gunboat
Saudi Arabia's airstrikes in Yemen are fuelling the Gulf's fire

Saudi airstrikes are fuelling the Gulf's fire

Arab intervention in Yemen risks entrenching Sunni-Shia divide and handing a victory to Isis, says Patrick Cockburn
Zayn Malik's departure from One Direction shows the perils of fame in the age of social media

The only direction Zayn could go

We wince at the anguish of One Direction's fans, but Malik's departure shows the perils of fame in the age of social media
Young Magician of the Year 2015: Meet the schoolgirl from Newcastle who has her heart set on being the competition's first female winner

Spells like teen spirit

A 16-year-old from Newcastle has set her heart on being the first female to win Young Magician of the Year. Jonathan Owen meets her
Jonathan Anderson: If fashion is a cycle, this young man knows just how to ride it

If fashion is a cycle, this young man knows just how to ride it

British designer Jonathan Anderson is putting his stamp on venerable house Loewe
Number plates scheme could provide a licence to offend in the land of the free

Licence to offend in the land of the free

Cash-strapped states have hit on a way of making money out of drivers that may be in collision with the First Amendment, says Rupert Cornwell
From farm to fork: Meet the Cornish fishermen, vegetable-growers and butchers causing a stir in London's top restaurants

From farm to fork in Cornwall

One man is bringing together Cornwall's most accomplished growers, fishermen and butchers with London's best chefs to put the finest, freshest produce on the plates of some of the country’s best restaurants
Robert Parker interview: The world's top wine critic on tasting 10,000 bottles a year, absurd drinking notes and New World wannabes

Robert Parker interview

The world's top wine critic on tasting 10,000 bottles a year, absurd drinking notes and New World wannabes
Don't believe the stereotype - or should you?

Don't believe the stereotype - or should you?

We exaggerate regional traits and turn them into jokes - and those on the receiving end are in on it too, says DJ Taylor