Marks & Spencer said today that former investment banker Robert Swannell will become chairman of the company from January.
Mr Swannell, who helped M&S in its defence against retail tycoon Philip Green's takeover bid in 2004, will join the board on October 4 as non-executive director before he replaces Stuart Rose as chairman on January 4.
The former chairman of US bank Citigroup's European operations will reportedly pick up an annual income of £500,000 sterling for the non-executive job.
The 59-year-old, who is also chairman of HMV Group, said: 'It is a privilege to be asked to chair one of the world's greatest brands'.
Mr Rose has had a rocky relationship with institutional shareholders since he combined the roles of chairman and CEO in 2008 against corporate governance guidelines. Rose will depart M&S after six and a half years at the firm.
