A leading retail analyst has said that the appointment of former Sainsbury's chief executive Justin King to the board of Marks & Spencer is 'another piece of the M&S management jigsaw being re-constructed to see through the necessary changes to make the business more robust and ultimately profitable in the future'.
Clive Black of Shore Capital said that just as M&S CEO Steve Rowe has focused on overhauling the retailer's executive team, so chairman Archie Norman has worked on positioning its board 'more appropriately for the future'.
Familiar Face
King, who led Sainsbury's for ten years before stepping down in July 2014, 'is someone well known to us, he has a distinguished career to date and we wish him well in making a positive contribution in his new role', Black added. 'He brings a wealth of perspectives from which M&S will be looking forward to hearing'.
King is also a former M&S executive, having served as director of food at the retailer, as well as holding senior positions at Asda. More recently, he has served as vice chairman of private equity firm Terra Firma, and on the public interest body of PwC.
Announcing the appointment yesterday (11 December), Steve Rowe, M&S chief executive said, " “I am delighted that Justin has agreed to join us. As we navigate the challenges ahead it will be enormously helpful to have his experience, wisdom and insight on the Board. Many colleagues remember his time at M&S and will warmly welcome him back.”
King is the fourth new appointment to the M&S board this year. He joins M&S as a non-executive director on 1 January.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.
