M&S boardroom row rumbles on
No agreement over chairmanship
The board of Marks & Spencer failed to reach agreement on the key issue of its chairmanship at a lengthy meeting on Wednesday.
Interim chairman Paul Myers and senior non-executive director Kevin Lomax are understood to remain at loggerheads.
Myners, who rallied the City when M&S mounted its defence against last year’s potential bid from Bhs and Arcadia owner Philip Green, is willing to remain as chair. However, Lomax is understood to believe that Myners’ wide range of other interests means an external candidate for the permanent chairmanship should be appointed.
The issue has put M&S back in the media glare at a time when chief executive Stuart Rose, who was appointed last year, works to generate a recovery in the business.
M&S has not commented on the outcome of the meeting. The [i]Financial Times [/i]quotes a source close to the situation who said: “People have got fairly strong views and we haven’t got a resolution. All sides are still talking.”
