M&S shares surge as ex-Asda boss Archie Norman named next chairman
May 06 2017
Former Asda boss Archie Norman has been named as Marks and Spencer's new non-executive chairman.
M&S announced in a statement this morning that it had appointed Archie Norman as chairman with effect from September 1, to succeed Robert Swannell who will retire from the board on that date.
Norman was instrumental in turnarounds at supermarket Asda and home improvement firm Kingfisher and has served as chairman of broadcaster ITV, investment bank Lazard and craft retailer Hobbycraft.
Earlier this week M&S said it had poached Halfords chief executive Jill McDonald to revive the fortunes of its struggling clothes and homewares division. He was also chairman of television channel ITV.
The appointment comes days after M&S poached the CEO of cycling and auto retailer Halfords (HLFDY) in a bid to reinvigorate its clothing division.
"I am looking forward to taking on the role of the chairmanship of Marks & Spencer as the business under Steve Rowe's leadership faces into the considerable challenges ahead in a rapidly changing retail landscape".
He stood down as an MP in 2005.
M&S shares rose as much as 6 percent as investors welcomed the appointment of Norman, whose CV is packed with United Kingdom and worldwide experience, including an extensive track record in the retail industry.
Vindi Banga, the senior independent M&S director who led the selection process, said: "Having conducted a very rigorous appointment process, it was clear to us that Archie was the best person to be chairman".
The 62-year-old retailer-turned-politician forged his reputation at Asda in the 1990s, transforming the ailing chain into the U.K.'s second-largest grocer before its acquisition by Wal-Mart Stores Inc. for 6.7 billion pounds ($8.7 billion).
May 04 2017 Wall St stays lower after Fed holds rates steady
Headline inflation stood at 1.8 percent in March while the core measure, which excludes food and energy costs, was 1.6 percent. Consumers continue to hunker down as well: The savings rate increased to the highest level since last August in April.
May 03 2017 Government 'Needs a Good Shutdown' to Fix Senate 'Mess'
Mulvaney cited a $15 billion infusion of defense spending - about half of what Trump asked for in March - as a huge win. The budget is funded through Saturday, and the bill being considered in the House would extend it through September.
May 03 2017 Users Report Several Problems With The Galaxy S8
Because the phone and the table are connected via Wi-Fi, the phone also acts as a second screen for you to play with it. It's one thing if they're in the same place when you turn on the screen, but now as the name suggests, it's always on.
May 02 2017 Penguins star Crosby leaves following hit to head
It offered an encouraging sign for the Capitals as the margin for error is only getting smaller as the series rolls along. That was momentarily erased in the final two minutes of regulation, and then salvaged in overtime.
May 02 2017 Claims about Trump's tax plan don't hold up
CNBC's sample included 1,941 of the largest public companies, which had combined net income of more than $1 trillion in 2016. Most everyone fears it, but it's already been so watered down as to apply only to estates worth at least $5. 5 million .
May 01 2017 Browns admit they might not keep Caleb Brantley
The bottom line is, Brantley is a talented and strong defender who could help the Browns turn around their miserable run defense. And more importantly than that, we communicated to Caleb this is still something we're investigating and looking into.
Apr 30 2017 Cyprus President accorded ceremonial welcome
India is also thankful for the efforts of Cyprus in support of her entry, as a member, into the Nuclear Suppliers' Group. Earlier in the day, the Cypriot President was given a ceremonial guard of honour in the forecourt of Rashtrapati Bhavan.
Apr 30 2017 Acer is making yet another fitness wearable
It can measure heart rate, stamina, stress and fatigue levels and exposure to UV rays while you are outdoors and exercising. He says: "The Ware feels very basic, partly because it's so light, but also because it's made mostly from plastic".