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01/06/2004
Rose takes over as M&S chief as Green bid looms
The Board of Marks & Spencer announced today that Stuart Rose has been appointed as Chief Executive of the troubled high street retail group.
Stuart Rose will replace Roger Holmes with "immediate effect" and his first challenge will be dealing with an anticipated bid for M&S of around £10 billion from the owner of Bhs and Arcadia, Philip Green.
Commenting on his appointment, Mr Rose said: "I am thrilled to have been appointed as Chief Executive. Marks & Spencer is a great company with a great history and a great reputation. I know the business well having spent the first 17 years of my retailing career with the company. My task is to harness the skills and energy of its people for the long-term benefit of our customers and shareholders. I look forward to the challenge."
In a statement, Marks and Spencer said: "Stuart brings a wealth of retail experience to the job and the board believes that he is the ideal person to deliver the full potential of Marks & Spencer for the benefit of its shareholders and customers."
M&S also announced that Charles Wilson, who has worked with Mr Rose at Argos, Booker and Arcadia, will be joining the management team as will Steven Sharp.
The company's Chairman Luc Vandevelde, who had previously indicated his intention to leave the board due to personal commitments, is also departing with immediate effect.
Investment Banker Paul Myners, who will assume the role of interim Chairman until a permanent appointment is made, said: "The board is very pleased to have somebody of Stuart's experience and retail prowess to lead the company into the next phase of its strategic development. The board is grateful to Luc and Roger for putting in place many of the building blocks for the sustained recovery and growth of the business."
M&S shares showed a slight rise this afternoon on the news of Mr Rose's appointment and the proposed bid from Mr Green.
(SP)
Stuart Rose will replace Roger Holmes with "immediate effect" and his first challenge will be dealing with an anticipated bid for M&S of around £10 billion from the owner of Bhs and Arcadia, Philip Green.
Commenting on his appointment, Mr Rose said: "I am thrilled to have been appointed as Chief Executive. Marks & Spencer is a great company with a great history and a great reputation. I know the business well having spent the first 17 years of my retailing career with the company. My task is to harness the skills and energy of its people for the long-term benefit of our customers and shareholders. I look forward to the challenge."
In a statement, Marks and Spencer said: "Stuart brings a wealth of retail experience to the job and the board believes that he is the ideal person to deliver the full potential of Marks & Spencer for the benefit of its shareholders and customers."
M&S also announced that Charles Wilson, who has worked with Mr Rose at Argos, Booker and Arcadia, will be joining the management team as will Steven Sharp.
The company's Chairman Luc Vandevelde, who had previously indicated his intention to leave the board due to personal commitments, is also departing with immediate effect.
Investment Banker Paul Myners, who will assume the role of interim Chairman until a permanent appointment is made, said: "The board is very pleased to have somebody of Stuart's experience and retail prowess to lead the company into the next phase of its strategic development. The board is grateful to Luc and Roger for putting in place many of the building blocks for the sustained recovery and growth of the business."
M&S shares showed a slight rise this afternoon on the news of Mr Rose's appointment and the proposed bid from Mr Green.
(SP)
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