Further pressure is being piled on M&S to reduce Sir Stuart Rose’s power as chairman and chief executive of the retailer – this time by the National Association of Pension Funds.
The 1,200-member NAPF has joined the Local Authority Pension Fund Forum, Pirc, the consultant to investors, and the Association of British Insurers in voicing concerns about Rose’s role, according to The Times.
A meeting is also believed to have taken place with shareholders and M&S non-executive director Jan Du Plessis to air their concerns over Rose’s leadership.
M&S will update the City next week, analysts expect non-food sales to be down 9 per cent and a drop in food sales of 7.5 per cent.
2 Readers' comments