Marks and Spencer has appointed former investment banker Robert Swannell as its new chairman.
The 59-year-old said it was a privilege to be chosen. He will take over the role from Sir Stuart Rose from January next year.
Mr Swannell spent 30 years at Schroders later Citigroup, where he advised M&S on its defence of a hostile takeover bid by Topshop owner Sir Philip Green.
He will join M&S from music retailer HMV, where he is currently chairman.
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End Quote Robert Swannell M&S chairman-designateIt is a privilege to be asked to chair one of the worlds greatest brands�
Speaking last week as rumours of his appointment circulated, retail analyst Neil Saunders said it made strategic sense.
He knows his way around M&S, retail and the City. Sure, hes not as big a personality as Sir Stuart, but he is just as competent and thats what counts, said Mr Saunders, a director at Verdict research.
CriticismOutgoing chairman, Sir Stuart Rose, said Mr Swannells experience of the City and the commercial world would be a real asset to the High Street retailer.
His background in doing deals has prompted some to suggest M&S either plans an acquisition or sees itself as a takeover target.
Mr Swannell will take a seat on a board in October, before taking over as chairman.
He said: It is a privilege to be asked to chair one of the worlds greatest brands.
I look forward to joining the M&S team and working with my new colleagues on the board.
Sir Stuart faced criticism from shareholders for his decision to be both chairman and chief executive at the same time. Shareholders prefer the roles to be done by different people.
He stepped down as chief executive earlier this year, when he was replaced by former Morrisons boss Marc Bolland.
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