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| Version 1 | Version 2 |
|---|---|
| Major boardroom shake-up at M&S | Major boardroom shake-up at M&S |
| (10 minutes later) | |
| Marks & Spencer says chief executive, Sir Stuart Rose, is taking over as chairman, in a major management revamp. | Marks & Spencer says chief executive, Sir Stuart Rose, is taking over as chairman, in a major management revamp. |
| He will become executive chairman from 1 June, when the current chairman, Lord Burns, departs. M&S said Sir Stuart will stay with the firm until 2011. | He will become executive chairman from 1 June, when the current chairman, Lord Burns, departs. M&S said Sir Stuart will stay with the firm until 2011. |
| The company is also expanding the role of finance director, Ian Dyson, who becomes director of operations. | The company is also expanding the role of finance director, Ian Dyson, who becomes director of operations. |
| In January M&S reported its worst quarter in more than two years. | In January M&S reported its worst quarter in more than two years. |
| UK like-for-like sales fell 2.2% in the last three months of 2007. | UK like-for-like sales fell 2.2% in the last three months of 2007. |
| Sales of clothes and homeware declined 3.2%, while food sales dropped 1.5%. | Sales of clothes and homeware declined 3.2%, while food sales dropped 1.5%. |
| Tough conditions | Tough conditions |
| It is unusual for a firm of Marks & Spencer's size to combine the roles of chairman and executive. | It is unusual for a firm of Marks & Spencer's size to combine the roles of chairman and executive. |
| Sir Stuart Rose said: "Terry has been an excellent chairman and we are very grateful to him. | Sir Stuart Rose said: "Terry has been an excellent chairman and we are very grateful to him. |
| "In taking on the role of executive chairman, my task will be to guide the business through the next stage of growth." | "In taking on the role of executive chairman, my task will be to guide the business through the next stage of growth." |
| Like other retailers M&S has been struggling to maintain profit growth as prices for clothes and home products has been falling. | Like other retailers M&S has been struggling to maintain profit growth as prices for clothes and home products has been falling. |
| In January Sir Stuart said that the UK High Street had "definitely slowed up" and conditions in the clothing market were tougher than they had been for 10 years. | In January Sir Stuart said that the UK High Street had "definitely slowed up" and conditions in the clothing market were tougher than they had been for 10 years. |
| Sir Stuart joined M&S in 2004 and was credited with turning around the company's fortunes. | |
| He originally planned to say until 2009, but on Monday pledged to stay for an extra two years. | |
| "There was no obvious successor," said Nick Bubb, an analyst at Pali International. | |
| "This allows Stuart to work through the current downturn - I don't suppose he'd want to leave on a low note," he added. |