M&S names new chairman
Retail group Marks & Spencer appointed a new chairman today to replace Paul Myners, who is to step down in 14 months.
Lord Burns, a former permanent secretary to the Treasury, will become deputy chairman in October and will then take the lead role in July next year.
The appointment was made after the company’s senior independent director Kevin Lomax reportedly blocked moves to make Mr Myners a permanent chairman.
He had taken the role on an interim basis a year ago, as part of the group’s response to the takeover interest of retail tycoon Philip Green.
While chief executive Stuart Rose was thought to be keen to continue working with Mr Myners, Mr Lomax is believed to have preferred an outside face.
