Marks and Spencer Group PLC (LSE:MKS) has appointed private equity luminary Cheryl Potter as a non-executive director, a move that will give its boardroom a female majority.
As of January 2022 there was 10 FTSE 350 companies with women majority boards, according to the FTSE women leaders review.
Currently six men and six women sit on the supermarket’s board of directors, but Potter’s appointment will tip the scales.
Potter will join in March, following her previous role as head of the global consumer team at Permira, one of the UK’s top private equity firms.
She has also served on the boards of firms including retailers Dr Martens and Homebase.
The leadership team’s awareness of gender equality with be further strengthened by Potter’s passion to promote the importance of women in leadership.
Potter is a founding patron in two women’s equality organisations: the Prince’s Trust’s Women Supporting Women scheme and chair of Level 20.
"I am delighted that a superstar of the private equity world is joining us at M&S,” said Archie Norman, chairman of the British supermarket.
“She brings enormous energy, passion and a strong shareholder value focus to the board, as well as a great track record as a role model and advocate of women in leadership."
The news comes after it was found that the number of newly launched women-led businesses in 2022 increased by 4% year on year to 151,603.
This number sat at more than double compared to 2018, according to an independent review led by NatWest boss Alison Rose.
Rose said: “Female entrepreneurs respond to challenging economic times by establishing new businesses and setting out on their own.
“Their determination to succeed makes us more certain than ever that we can help realise their potential, growing both their businesses and the economy.”
Marks and Spencer shares opened trading at 153p today, up a quarter of a penny today and 20% higher in the year to date.