New Marks & Spencer boss Stuart Rose was immediately at work today after a dramatic weekend of boardroom changes at the £10 billion takeover target.
Mr Rose, the former boss of Top Shop-to-Dorothy Perkins chain Arcadia, was appointed chief executive at the same time as Paul Myners became the troubled high street giant's interim chairman.
The pair were unveiled last night as replacements for chief executive Roger Holmes and outgoing chairman Luc Vandevelde, who stepped down with immediate effect.
As well as the challenge of reviving M&S sales, Mr Rose can expect a takeover approach for M&S from retail entrepreneur Philip Green within days.
Mr Green, who acquired Arcadia when Mr Rose was boss in 2002, stunned the City last week by indicating that he was preparing a bid.
Analysts said the appointment of Mr Rose raised the chances of Bhs boss Mr Green having to table a hostile bid in order to land the high street giant.
Henk Potts of Barclays Stockbrokers said: "Stuart Rose is a heavyweight retailer and will have a clear strategy on how to turn the business around. Some shareholders may now think that their future prospects are best served by a new and reinvigorated management team."
Tuesday June 01, 2004
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