Having replaced its chief executive earlier this year, high street stalwart Marks and Spencer Group Plc (LON:MKS) is now looking for a new chairman, with current incumbent Robert Swanell revealing today that he intends to retire next year.
Mr Swannell, who has served as M&S chair for six years, will continue in his role until his replacement has been appointed.
The retail giant said its senior independent director, Vindi Banga will lead the process to identify and appoint the next M&S chairman.
READ: Is the worst over for M&S?
Mr Swanell said: "A year ago we chose Steve Rowe as our Chief Executive. Steve completed a thorough analysis of the business and developed a detailed plan to build a simpler and more relevant M&S.
"This plan is now underway and I feel that it is the right time for the business to look for a new Chairman. It is a real privilege to chair this iconic company and I will continue to do so until my successor is in place."
Rowe, who replaced Marc Bolland in the M&S hot-seat in April, last month announced a five-year plan to revive the struggling clothing, food, and homewares retailer’s fortunes.
Five-year plan
As widely leaked beforehand, M&S announced the closure of 60 clothing stores over the next five years, while it intends to continue to roll out its highly successful Simply Food outlets.
Meanwhile, overseas, the company will switch to a franchise model, exiting its loss-making owned business across ten markets, which will lead to one-off costs of between £150mln and £200mln.
The FTSE 100-listed retailer’s group revenue in the 26 weeks to October 1 clocked in at £4.99bn, up a shade on £4.95bn in the corresponding period of last year.
Sales at its UK stores were barely changed at £4.45bn, while international stores saw sales rise 7.6% to £545mln.
M&S shares were barely moved by the fresh board change, with shares edging 0.6p higher to 343.9p in late morning trading, having been buoyed yesterday by an upgrade in rating from broker BofA Merrill Lynch.