Marks and Spencer's shares jump as Archie Norman named chairman

 
Helen Cahill
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Marks & Spencer Christmas Sales Expected To Be Disappointing
M&S also recently announced a new boss for its clothing arm (Source: Getty)

Archie Norman, former boss of Asda, has been named as the new chairman of Marks and Spencer (M&S).

After the announcement, M&S' share price jumped 3.16 per cent to 368p.

He will be taking over from Robert Swannell, who announced his departure in December last year.

Norman was previously chairman of ITV, Lazard London and Hobbycraft. Swannell said he was delighted Norman was bringing his "deep, relevant experience" to M&S. Norman will succeed Swannell on 1 September.

Read more: M&S appoints Halfords' chief to take on embattled clothing arm

The leadership of M&S has been changing significantly over the past 12 months. Chief executive Steve Rowe took the helm last year, and recently the retailer announced it was pinching Halfords' boss Jill McDonald to lead M&S' embattled clothing division.

Norman said: "I am looking forward to taking on the role of the chairmanship of Marks and Spencer as the business under Steve Rowe's leadership faces into the considerable challenges ahead, in a rapidly changing retail landscape."

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