Speculation over Myners’ future adds to burden on M&S
Chairman facing boardroon split
The Marks & Spencer ‘dream team’ of chief executive Stuart Rose and chairman Paul Myners faces being broken up by a boardroom row at the retailer.
Rose and Myners are credited with convincing shareholders to reject the potential bid from Bhs and Arcadia owner Philip Green last summer.
Myners took on the role of interim chairman, backing the recovery programme implemented by Rose and helping to secure the support of institutional shareholders.
Myners is understood to be willing to take on the role permanently at the M&S annual meeting in June. However, senior M&S non-executive director Kevin Lomax is reported to be lobbying for a different candidate.
Lomax, who has been on the board for five years, is said to be concerned about Myners’ other commitments. Myners is also chairman of Guardian Media Group and Aspen Insurance Holdings, a non-executive director of the Bank of New York, chairman of the Tate Gallery, a trustee of Glyndebourne and a member of Bank of England’s court of directors.
Growing press speculation over the chairmanship will be unwelcome at M&S, which needs to retain the support of the City and shareholders long enough to allow Rose to prove his recovery programme can reverse flagging sales.
