Marks & Spencer seek new chairman as in-demand Vandevelde forced out

MARKS & Spencer is searching for a new chairman after Luc Vandevelde was forced out by boardroom colleagues and investors, it was reported yesterday.

His departure is expected to be confirmed to the stockmarket this week and follows concerns that he was spending too little time with the high street retailer.

Investors are thought to have voiced concern about how much time Mr Vandevelde devotes to private equity group Change Capital. The Belgian also sits on the boards of mobile phone group Vodafone and French food retailer Carrefour.