Vandevelde hands over reins at M&S
Share only package for chairman
July 9 2003
Marks & Spencer chief executive Roger Homes is to take over the final executive role held by Luc Vandevelde at the high street retailer.
Vandevelde, credited with spearheading the recovery of the M&S business, has negotiated an unusual share-only payment package for his part-time role as chairman.
The company said that it is now “appropriate to complete the leadership transition,” with Holmes, chief executive since last September, becoming chairman Marks & Spencer Financial Services from September 1.
Vandevelde, who will continue to chair the M&S board and its Corporate Social Responsibility Committee, will in future be paid 13,500 M&S shares a month. At current prices, the package is worth just over half a million pounds a year.
Vandevelde said: “It is testimony to Roger’s leadership and to the team in place at Marks & Spencer, that the time has come for me to step into a more traditional role of a Chairman.
“It is also a vote of confidence in the team and in the plans for the Company, that in future my remuneration is closely tied to the value which we create for our shareholders and is reflected in the share price.”
