Outlook: Sir Richard Greenbury gets his Oates
Friday 27 November 1998
Sir Richard has had to throw something to the mob, so it's been the executive bit of his continued role as chairman. Given his character, Sir Rick can none the less be expected to act very much as an executive non-executive for his remaining eighteen months.
The battle for the succession has been a messy affair - most un-Marks & Spencer-like - but perhaps too much has been read into it. A severe downturn in trading, combined with the launch of an overly ambitious expansion programme, gave Mr Oates the opportunity he needed to challenge Sir Rick's previously uncontested rule.
Marks & Spencer has lost its way, and Sir Rick his touch, Mr Oates was able to whisper, and he found a receptive ear among some non executives and City investors. But in truth the case was so far from being made that Mr Oates never really stood a chance. He played his hand and who can blame him, but Sir Rick was always going to have his way.
The turnround in perceptions about M&S has been a swift and to some extent unjustified one. It was little more than a year ago that on the back of bumper sales and profits the group launched an extraordinarily ambitious expansion programme - to grow the business by a third in just four years. This was always going to need a change of structure at the top, including a splitting of the role of chairman and chief executive.
But even with the downturn and the consequent reigning back of the store expansion programme, it was never apparent that M&S needed root and branch reform. To be forced to go outside for a chief executive would indeed have been an admission of failure.
That said, M&S as much as any company would benefit from a fresh perspective, and when Sir Rick comes finally to hang up his gun, his successor as non- executive chairman probably should come from outside the company.
- 1 Russell Brand accuses FOX News anchor Sean Hannity of terrorism after aggressive Israel-Gaza debate
- 2 Pope Francis issues top 10 tips for happiness – including don’t try to convert other people
- 3 Disney heiress Abigail disowns her share of family profits in West Bank company
- 4 The secret report that helps Israel hide facts
- 5 Israel's propaganda machine is finally starting to misfire
Russell Brand accuses FOX News anchor Sean Hannity of terrorism after aggressive Israel-Gaza debate
Pope Francis issues top 10 tips for happiness – including don’t try to convert other people
Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
Justin Bieber posts Instagram photo of Orlando Bloom crying after Ibiza fight 'over Miranda Kerr'
Disney heiress Abigail disowns her share of family profits in West Bank company
The secret report that helps Israel hide facts
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
A day in the life of Vladimir Putin: The dictator in his labyrinth
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
- < Previous
- Next >
iJobs Money & Business
£20000 - £24000 per annum: Harrington Starr: A leading provider of web based m...
£28000 - £32000 per annum: Ashdown Group: Secretary (Sales Team Support) - Mat...
Competitive (DOE): Guru Careers: We are looking for an Assistant Management Ac...
£600 - £700 per day + competitive: Orgtel: Senior Investment Accounting Change...