Marks and Spencer’s board has unanimously extended Archie Norman’s tenure as chair in light of his “exceptional” performance over the last nine years.
While it is uncommon for chairs to stay longer than nine years, the board of M&S agreed that Norman’s “deep knowledge of the business, drive and unique experience” were invaluable to the company as it enters the next phase of its growth plan.
“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,” senior director Fiona Dawson said.
Norman has led M&S through a period of significant challenges, including post-Brexit waves, a serious cyber attack, and issues with its Irish operations.
“That Mr Norman has led the board through these times, this change in the firm’s prospects, is to us a notable achievement,” Shore Capital analysts Clive Black and Darren Shirley said.
“We could see no benefit in his stepping down in mid-2026 just to tick a box when he clearly has so much still to offer the firm,” the analysts added.
M&S share price on the up
M&S’s share price has been on a largely upward track since its turnaround began in late 2022, rising over 300 per cent in the past three years and becoming one of the best performers on the FTSE 100.
The firm’s complete overhaul of its once frumpy clothing and homeware division has helped the money to roll in over the past year, as well as investment in newm high-quality and on-trend food products.
Despite the high street stalwart’s success in recent years, its leadership has been clear that its transformation is by no means complete.
“There remains much to do… 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,” Dawson said.