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Fresh fury over M&S restructure

Legal and General, a shareholder in Marks & Spencer, has turned up the heat on M&S, rejecting fresh explanations over the promotion of Sir Stuart Rose from chief executive to executive chairman.

Legal & General Investment Management (LGIM) had already publicly criticised the move, which was announced earlier this month.

However following a meeting with the retailer's deputy chairman Sir David Michels and current chairman Lord Burns, the firm issued a statement on behalf of LGIM head of equities Mark Burgess today rejecting M&S's reasoning for the move.

Burgess said: "While we understand their arguments we do not agree that this is a necessary structure to allow for the successful appointment of a successor to the current CEO. We do not support a dilution in corporate governance standards, particularly in leading UK companies."

An M&S spokeswoman said: "We have made our position very clear over the past couple of weeks and we have nothing further to add."

Readers' comments (1)

  • As yet there is no need to worry, as I am reliably informed that when Sir Stuart travels to France, he doesn't walk there !!!!!

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