Marks and Spencer Group Plc (LON:MKS) saw its shares gain today after it named former Asda boss Archie Norman as its non-executive chairman with effect from September 1, perhaps illustrating a focus on improving its Food retail side.
Norman, who stepped down as chairman of broadcaster ITV PLC (LON:ITV) in January 2016 and has also been a Conservative MP and shadow minister, will succeed Robert Swannell, whose retirement was announced in December.
In early morning trading, M&S shares responded positively, taking on 4.7%, or 16.7p at 374.2p.
READ: M&S recruits Halfords boss to head non-Food
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In the retailer’s statement, Norman said: "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." Independent retail analyst Nick Bubb said it “will be interesting to see how much of a ‘back-seat driver’ Archie Norman is to CEO Steve Rowe at Marks & Spencer in due course.”
Steve Rowe freed up to focus on overall group
The move comes two days after M&S recruited the boss of car parts and bike seller Halfords PLC (LON:HFD), Jill McDonald to run its clothing and home business, freeing up its chief executive Steve Rowe to focus on the overall group.
McDonald, who was appointed to the new role of Managing Director, Clothing, Home & Beauty at M&S, will have overall profit and loss accountability for all aspects of the group’s non-Food business, from design and sourcing through to supply chain and logistics.
Rowe, M&S CEO for just over a year, has seen his recovery strategies for the group's underperforming clothing and homewares business see some success recently, although he has switched a focus to its Food operations.
READ: M&S plans to open 34 new Food stores and two Clothing, Home and Food stores
Last month, M&S announced plans to open 34 new Food stores and two Clothing, Home and Food stores in the next six months as part of its five-year programme to improve its UK store estate.