M&S Chairman pressured to step downWednesday, 30 December 2009
Sir Stuart Rose is coming under increasing pressure to step down as chairman of Marks & Spencer as shareholders press for further change at the retailer.
Little more than a month after unexpectedly announcing the appointment of Morrisons supermarket boss Marc Bolland as the new chief executive of M&S, investors now want the company to bring forward Rose's scheduled departure date by at least a year. Rose, who controversially took on the joint role of chief executive and chairman last year, had pledged to find a new chief executive by July of next year and to step down as chairman in 2011.
However, shareholders have told the Observer that they want to step up the pace of change. One said that he was "optimistic" the M&S chairman will not stay much longer. Rose has been a controversial figure with investors for the past 18 months after breaking City rules by taking on the dual role.