British retailer Marks & Spencer Group Plc (MKS.L) Monday said it has appointed Robert Swannell as its Chairman, effective January 4, 2011. Prior to this appointment, Swannell would join the company's Board as a Non-Executive Director on October 4, 2010.
To ensure a smooth transition, the current Chairman Stuart Rose would remain in his post until January 2011, and would then step down from Marks & Spencer's Board.
Robert Swannell is currently a Chairman of British global entertainment retail chain HMV Group plc. Swannell joined the British Land Co. as Senior Independent Director in 1999 and as Senior Independent Non-Executive Director of 3i Group plc.
Formerly, Swannell was Vice-Chairman Citi Europe and Co-Chairman of Citi's European Investment Bank. M&S noted that Swannell brings considerable City experience having spent over 30 years in investment banking with Schroders/Citigroup.
Marks & Spencer's CEO Marc Bolland, said, "Robert will be an excellent Chairman for us. He has strong complementary skills and I am very much looking forward to working with him."
Robert Swannell said it was a privilege to be asked to Chair "one of the world's greatest brands."
Swannell's appointment is the latest change to the British retailer's top management, after Marc Bolland joined as chief executive officer in mid May and Alan Stewart was appointed chief financial officer earlier this August.
Shares of Marks & Spencer are currently trading at 338.60 pence, up 5.90p or 1.77%, on a volume of 1.11 million shares. For the past 52 weeks period, the stock has been trading between 321.90p and 412.70p.
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