M&S interim chairman stays on

One of the key figures in Marks & Spencer’s successful takeover defence this summer has extended his stay at the company, it emerged today.

Paul Myners was appointed interim chairman by the retailer at the same time as chief executive Stuart Rose, as M&S drew up battle lines against tycoon Philip Green in May.

In the wake of Mr Green withdrawing his offer for the company last month, M&S said Mr Myners had agreed to stay in the role for longer, possibly until its annual meeting in July 2005.

The process for appointing a permanent chairman will continue, but M&S said it was important to achieve a period of stability so management can focus on reviving sales at the high street business.

Mr Myners, who is a veteran fund manager, will step down from the board of mobile phone group mmO2 and as a trustee of the Charities Aid Foundation in order to give sufficient time to the role of M&S chairman.