💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

M&S shareholder wants Michels as chairman-report

Published 06/28/2009, 12:37 PM
Updated 06/28/2009, 12:48 PM
FLG
-

LONDON, June 28 (Reuters) - Marks & Spencer shareholder, the Local Authority Pension Fund Forum (LAPFF), is backing Sir David Michels, the former Hilton boss, to replace Sir Stuart Rose as chairman, reported the Sunday Times.

The newspaper quoted LAPFF's chairman Ian Greenwood as saying Michels, who is currently deputy chairman and senior independent director at the company, "would be perfect for the job".

Rose is facing renewed calls to share power at Britain's largest clothing retailer a year after he saw off an investor rebellion over his elevation to executive chairman from chief executive in contravention of corporate governance guidelines.

M&S is facing a revolt by shareholders at its annual meeting on Wednesday with about 20 percent planning to back a resolution to block Sir Stuart Rose from remaining chairman, according to a report in The Observer.

The company could not be reached for comment. ($1=.6052 Pound) (Reporting by Matt Scuffham; Editing by Jon Loades-Carter)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.