Marks & Spencer is on the hunt for a new chairman as Robert Swannell has announced he will retire in 2017 after six years.
Senior independent director Vindi Banga is now leading a process to find a replacement.
Swannell will continue in his role until a successor is found.
“A year ago we chose Steve Rowe as our chief executive. Steve completed a thorough analysis of the business and developed a detailed plan to build a simpler and more relevant M&S,” said Swannell.
“This plan is now underway and I feel it is the right time for the business to look for a new chairman.”
Swannell, who is a qualified chartered accountant and barrister, was appointed a non-executive director of M&S in October 2010 and became chairman in January 2011.
Before joining the retailer, he spent more than 30 years in investment banking with Schroders/Citigroup.