Myners set to stay on as M&S chairman

MARKS & SPENCER’S interim chairman yesterday looked set to take the position on a permanent basis.

Paul Myners - who took over the role on a temporary basis after the departure of Belgian Luc Vandevelde - has the support of chief executive Stuart Rose, according to The Sunday Telegraph.

In an interview with the newspaper, Mr Rose said he would have no problem at all with Mr Myners taking the permanent role.

But when asked about this, Mr Myners said: “Some of the investors have been making noises, but I don’t think we’re in a hurry.”

The report comes days after retail tycoon Philip Green withdrew his campaign for M&S, ending one of the most fascinating takeover battles in recent corporate history.

Mr Green pulled out on Wednesday, saying it was clear the M&S board was unwilling to co-operate with his efforts.

Earlier in the week, Mr Rose had unveiled his long-awaited masterplan for improving the performance of the retailer, offering a £2.3 billion (€3.5 billion) windfall for shareholders and a raft of measures to simplify the business.

In the interview, Mr Rose was quoted as saying he may still pursue a potential legal action against Goldman Sachs, the US investment bank that advised Mr Green.

Mr Rose was said to be “furious” over a disclosure that one of its bankers believed that he (Mr Rose) improperly disclosed details of Mr Green’s bid plans in May. The chief executive has denied the allegation.

The company would not confirm yesterday’s report and said in a statement: “It is a matter for the board and the search for the chairman is continuing.”

Meanwhile, in a separate report, it was claimed that a range of M&S clothing based on England football captain David Beckham is set to be dropped.

According to The London Independent on Sunday, the DB07 children’s wear range is to axed, while sportswear brand View From and menswear label Blue Harbour are also under threat. M&S would not comment on this report either.