Marks names new chairman

Former investment banker Robert Swannell will become chairman of retail giant Marks & Spencer in January, the company announced today.

Swannell, who helped M&S in its defence against retail tycoon Sir Philip Green’s takeover bid in 2004, will join the board on October 4 as non-executive director before he replaces Stuart Rose as chairman on January 4.

The former chairman of US bank Citigroup’s European operations will reportedly pick up an annual income of £500,000 (€612,000) for the non-executive job.

The 59-year-old, who is also chairman of HMV Group, said: “It is a privilege to be asked to chair one of the world’s greatest brands.”