Marks and Spencer Group PLC (LSE:MKS) shares are rose 1% after the retailer's board of directors extended chairman Archie Norman's tenure to a potential 12 years.
The former Asda and Kingfisher boss joined the clothing and food retailer in 2017 and will reach the "comply or explain" nine-year point next September.
A three-year extension has been agreed, subject to an annual review by a committee of independent directors and no major change of circumstances, with his appointment also requiring approval at the annual shareholder meeting, as normal.
After carrying out a consultation with shareholders, executives and advisers, the board unanimously backed Norman's continuation, citing "widespread support across the shareholder base".
Senior independent director Fiona Dawson said Norman "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."
Analyst Clive Black at house broker Shore Capital said it was "good news" that was "very warmly" welcomed.,
"We sense that M&S shareholders will both share a collective sigh of relief and express pleasure that the board and CEO, Stuart Machin et al, will continue to benefit from Mr Norman's immense experience, fabulous insight, and questioning mind, making for a uniquely talented individual.
"Whilst those of a rather prescriptive process bent may splutter, we firmly believe that this is good for all stakeholders in M&S in the here and now and further out too, and so we applaud Ms Dawson and the Board for their bravery and commonsense."