LONDON (Reuters) -British retailer Marks & Spencer said on Tuesday it has extended Archie Norman's tenure as chairman for three more years from September 2026, saying the decision has the "widespread
Britain's M&S extends Archie Norman's tenure as chair to 2029
LONDON (Reuters) -British retailer Marks & Spencer said on Tuesday it has extended Archie Norman's tenure as chairman for three more years from September 2026, saying the decision has the "widespread support" of shareholders.
Norman, who started as chairman in 2017, is widely credited with playing a key role in the revival of M&S' performance and its share price in recent years.
Under Britain's corporate governance code, a chair is expected to step down nine years after joining the board, unless companies can explain why an extension is justified.
Norman reaches the nine years mark in September next year.
"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, which is recovering from a damaging cyber attack in April, said.
It said Norman's term extension will be subject to an annual review by a committee of independent directors and no major change of circumstances.
"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," Senior Independent Director Fiona Dawson said.
(Reporting by James Davey in London and Raechel Thankam Job in Bengaluru and Sarah Young)
