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Marks & Spencer announces board changes

Marks & Spencer has announced a range of changes to its board and committee membership.

DEPARTMENT STORES

Marks & Spencer announces board changes

Marks & Spencer has announced a range of changes to its board and committee membership.

The retailer said that Vindi Banga, its senior independent director and chairman of its remuneration committee, has decided to step down from the board and has retired as a director. Banga had served on the board since 2011 and led the succession process for the appointment of a new chairman last year.

Due to Banga stepping down, Andy Halford will now become a senior independent director. Having already been appointed to the board in 2013, Halford will continue as chairman of the audit committee.

Meanwhile, Andrew Fisher will succeed Banga as chairman of the remuneration committee and, as result, will step down from the audit committee. Fisher has served on the M&S board since 2015.

Archie Norman, Marks & Spencer chairman said: “Vindi has been an extraordinary contributor to the M&S board over seven years and is as much as anyone author of the transformation team we have in place today. With Robert Swannell he was highly instrumental in the appointment of Steve Rowe as chief executive and he oversaw the succession process for a new chairman. As SID and chairman of the remuneration committee the company has relied on him for his sagacity and judgement and he leaves with our enormous thanks."

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