Marketing News: M&S shareholders have told the Observer that they want to step up the pace of change

News Release from: MarketingUK
28/12/2009
Sir Stuart Rose, Marc Bolland, M&S chairman ,

Sir Stuart Rose is coming under increasing pressure to step down as chairman of Marks & Spencer as shareholders press for further change at the retailer.

Little more than a month after unexpectedly announcing the appointment of Morrisons supermarket boss Marc Bolland as the new chief executive of M&S, investors now want the company to bring forward Roses scheduled departure date by at least a year. Rose, who controversially took on the joint role of chief executive and chairman last year, had pledged to find a new chief executive by July of next year and to step down as chairman in 2011.

However, shareholders have told the Observer that they want to step up the pace of change. One said that he was optimistic the M&S chairman will not stay much longer. Rose has been a controversial figure with investors for the past 18 months after breaking City rules by taking on the dual role.

Sir Stuart Rose is coming under increasing pressure to step down as chairman of Marks & Spencer as shareholders press for further change at the retailer.

Little more than a month after unexpectedly announcing the appointment of Morrisons supermarket boss Marc Bolland as the new chief executive of M&S, investors now want the company to bring forward Roses scheduled departure date by at least a year. Rose, who controversially took on the joint role of chief executive and chairman last year, had pledged to find a new chief executive by July of next year and to step down as chairman in 2011.

However, shareholders have told the Observer that they want to step up the pace of change. One said that he was "optimistic" the M&S chairman will not stay much longer. Rose has been a controversial figure with investors for the past 18 months after breaking City rules by taking on the dual role.

Investors are impressed with the appointment of 50-year old Bolland, who has been credited with turning around the ailing Bradford-based grocer. One leading shareholder said he was "hopeful that Bolland's arrival will now accelerate Rose's departure". He added that institutional investors want Bolland to be given "the space" to run the business without the previous incumbent – the high-profile Rose – sitting in the chairman's office.