According to the Observer, Marks & Spencer is facing an investor rebellion at its annual meeting on Wednesday with about 20% of shareholders planning to back a resolution that could block Sir Stuart Rose from occupying his post as Executive Chairman. 

Its board caused a furore last year when it promoted Rose to executive chairman. The issue, compounded by poor results, has festered over the last 12 months and shareholders want to send a signal that a new chairman should be recruited from outside.

http://www.guardian.co.uk/business/2009/jun/28/stuart-rose-investor-marks-spencer

http://www.guardian.co.uk/business/2009/jun/24/marks-and-spencer-boss-under-pressure

Rose has made it clear he intends to recruit a new chief executive before July 2010. He has not yet ruled out an internal candidate, though shareholders believe there is only one – finance director Ian Dyson – and would prefer an outsider.

I don't really follow retail - Is this a corporate governance debate or an attempt to skewer Sir Stuart for the underperformance? I am a bit surprised that Rose is no longer the "golden child" he once was. Have shareholders not heard that there's a recession? Of course, retailers like M&S are going to suffer...

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