Marks & Spencer promotes Dixon to the board fuelling Rose succession talk
MARKS & Spencer (M&S) has promoted its head of food, John Dixon, to its executive board, strengthening his chance of succeeding Stuart Rose as chief executive next year.
M&S has always said it would prefer an internal candidate to succeed Rose, and signs of recovery at the group’s upmarket food business in recent months have seen some commentators identify Rose’s protégé Dixon as the most likely successor.
The 23-year M&S veteran faces competition from finance director Ian Dyson and head of clothing Kate Bostock, while external including Sainsbury’s Justin King and Asda’s Andy Bond have also been tipped.
Rose has been under fire from some investors since 2008, when he combined the roles of chief executive and chairman against corporate governance guidelines.
Britain’s biggest clothing retailer has said it would appoint a new chief executive next year and that Rose would step down as chairman by July 2011 at the latest.
Shore Capital analyst Kate Calvert said Dixon’s elevation increased his chances of becoming chief executive.