UK NEWS

WHY THE OUTLOOK IS ROSEY FOR M&S

Sir Stuart has had to fight off threats of a rebellion

Thursday July 10,2008

By Martin Evans

THEY’RE not just shareholders, but M&S shareholders, the people who have made Marks & Spencer the nation’s favourite High Street shop.

And yesterday they turned out in their hundreds to support beleaguered boss Sir Stuart Rose as he fought off threats of a rebellion.

Just a week after announcing a shock profits warning, which wiped almost £1.7billion off the share price, Sir Stuart was seeking re-election to the controversial role of chairman.

Many shareholders expressed concern over the 58-year-old holding the job in conjunction with his chief executive post, believing he couldn’t do both effectively.

There had been suggestions that up to a third would vote against, which could have triggered calls for him to resign from the company he is credited with having turned around since joining in 2004.

But, at the annual meeting at London’s Royal Festival Hall, Sir Stuart received an overwhelming 77.8 per cent vote of support.

Some were more interested in other gripes – one shareholder complained that many of the clothes were now aimed at too young an audience.

“What we would like to see are more summer dresses with long sleeves and not low necklines,” she said.

Another issue many were angry about was the recent introduction of charges for plastic bags in order to cut down on the environmental impact of the company.

Sir Stuart said that there had been “overwhelming support” for the campaign. But he was interrupted by cries of “rubbish”.

A young shareholder said she had not been able to find a suitable bra in any M&S store. Sir Stuart kindly offered to take her shopping personally and said he was certain she would be able to find something she liked.

Not just charm from the chairman, but M&S charm.