Marks & Spencer’s new chairman could be paid around 40% less than current chairman Sir Stuart Rose according to reports.
Rose currently earns £875,000 for the role and his remuneration package, and that of chief executive Marc Bolland, have both caused controversy amongst leading shareholders.
Swannell was former vice-chairman of Citigroup and was instrumental in helping defend M&S from a hostile takeover bid from Sir Philip Green in 2004.
M&S has still not confirmed Swannell’s appointment but an announcement is expected this week.
It has also been reported that M&S boss Marc Bolland is searching for two new directors to focus on international and online as part of a board restructuring. Bolland is said to want grow its market share online where in fashion it has a 5.6% share compared to double that on the high street.