Sir Stuart Rose is coming under increasing pressure to step down as chairman of Marks & Spencer as shareholders press for further change at the retailer.
Little more than a month after unexpectedly announcing the appointment of Morrisons supermarket boss Marc Bolland as the new chief executive of M&S, investors now want the company to bring forward Rose’s scheduled departure date by at least a year. Rose, who controversially took on the joint role of chief executive and chairman last year, had pledged to find a new chief executive by July of next year and to step down as chairman in 2011.
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However, shareholders have told the Observer that they want to step up the pace of change. One said that he was “optimistic” the M&S chairman will not stay much longer. Rose has been a controversial figure with investors for the past 18 months after breaking City rules by taking on the dual role.