UK' M&S board backs Archie Norman's 3-year extension as chairman

Archie started as Chairman in 2017 and therefore will reach the “comply or explain” nine-year point in eleven months’ time. The Board is unanimous in its conviction that his continuation as Chairman is in the best interests of the Company and there is widespread support for this view across the shareholder base. M&S is a rapidly changing business with a recently strengthened executive team but there is a long way to go in delivering the Reshaping for Growth strategy and the Company will benefit from the continued strong leadership and stability Archie’s Chairmanship will bring.

The extension of his term will, in principle, last for three years from September 2026 but will be subject to a comprehensive annual review by a committee of independent directors and no major change of circumstances.

The appointment will be put to annual shareholder approval at the AGM in the normal way.

Fiona Dawson commented, “Archie has been an exceptional Chair, steering an effective, engaged Board and putting in place a highly capable leadership team under Stuart Machin which is transforming M&S and building a stronger, better business. There remains much to do, and Archie’s deep knowledge of the business, drive and unique experience will be invaluable as we move to the next phase of the Reshaping for Growth plan.”

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ALCHEMPro News Desk (RM)