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.

Media reports said candidates including Conservative MP and former Asda chairman Archie Norman were being considered as potential replacements.

M&S, which declined to comment on the reports, is thought to have asked headhunters Russell Reynolds to find a successor.

But with bluechip firms including drugs giant Glaxo -SmithKline and supermarket chain Sainsbury’s also looking for new chairmen, the retailer may struggle to make an appointment in time for its annual meeting on July 14.

Mr Vandevelde, who joined M&S in February 2000, was once hailed as the architect of its recovery, with operating profits in 2002 beating anything achieved by the group over the previous four years.

But pressure for him to resign has increased over the past 12 months as the performance of M&S dipped, with like-for-like sales down 0.4% year-on-year.

Last month’s trading update added to the worry as the food department endured a lacklustre start to 2004 with same-store sales down 1.4%.

Other candidates in the frame to take over as chairman include City banker Derek Higgs and former Arcadia boss Stuart Rose.