Vandevelde investment fund ‘no conflict’
Marks & Spencer chairman to launch private equity fund
December 16 2002
Marks & Spencer has said that chairman Luc Vandevelde’s plans to launch a private equity find are no conflict with his role at the High Street retailer.
Vandevelde is to head the fund when his M&S position becomes part time from next month.
A statement from the company said: “Marks & Spencer announced on July 10 that Luc Vandevelde’s position as chairman will move to a part-time basis from January 1 2003, when 60 per cent of his working time will be dedicated to the Company.
“In addition to this role and in the balance of his time, Luc today announces his intention to launch a private equity fund, unconnected to Marks & Spencer. The board is aware of his plans and has taken steps to satisfy itself that the activity Luc is undertaking is not in conflict with his role as Chairman of Marks & Spencer.”
The fund is backed by the Halley family, founders of the Promodes retail group, now merged with Carrefour, at which Vandevelde worked in the 1990s. It will be based in the UK but will look to buy businesses across Europe. The fund will invest in a variety of sectors, including retail.
