M&S confirms Vandevelde leaving
Search for new chairman underway
Marks & Spencer has confirmed that chairman Luc Vandevelde is to leave the business.
M&S, the UK’s biggest clothing retailer, said Vandevelde has indicated that he wants to leave to leave the board. The statement said a “search is under way for a new chairman and Luc will remain in post for as long as necessary to establish his successor.”
M&S said Vandevelde’s decision has been prompted by personal commitments to the Halley family following the death of Paul Louis Halley last year. The Halley’s are a major shareholder in French supermarket chain Carrefour, with Vandevelde representing their interests on the board.
Vandevelde joined M&S from French food retailer Promodes in early 2000. He handed over the chief executive role at M&S to Roger Holmes at the start of 2003, at a time when the recovery progamme initiated under Vandevelde seemed secure.
With M&S now once again seeing sales slipping, there has been widespread concern among M&S shareholders that Vandevelde’s part-time role and outside interests do not allow him to commit enough time to the business. As well as Carrefour, he is on the board of Vodafone and runs private equity business Change Capital.
Among the potential candiates being linked to the M&S chair are former Asda chairman Archie Norman, and ex-Arcadia boss Stuart Rose.
