Marks & Spencer to extend chairman Archie Norman's tenure

(Sharecast News) - Marks & Spencer said on Tuesday that it has decided to extend the tenure of chairman Archie Norman until September 2029 for the next phase of the retailer's "reshaping of M&S" growth strategy. The decision was made after "extensive consultation" with shareholders, executives, and advisers, the company said.

Norman took on the role of chairman in 2017 and therefore will reach the "comply or explain" nine-year point in eleven months' time.

"The board is unanimous in its conviction that his continuation as chairman is in the best interests of the company and there is widespread support for this view across the shareholder base," the retailer said.

"M&S is a rapidly changing business with a recently strengthened executive team but there is a long way to go in delivering the Reshaping for Growth strategy and the company will benefit from the continued strong leadership and stability Archie's chairmanship will bring."

Although the term will, in principle, last for three years from September 2026, it will be subject to a comprehensive annual review by a committee of independent directors and no major change of circumstances.

The appointment will be put to annual shareholder approval at the AGM in the normal way.

Senior independent director Fiona Dawson said: "Archie has been an exceptional chair, steering an effective, engaged board and putting in place a highly capable leadership team under Stuart Machin which is transforming M&S and building a stronger, better business.

"There remains much to do, and Archie's deep knowledge of the business, drive and unique experience will be invaluable as we move to the next phase of the Reshaping for Growth plan."