Marks & Spencer boss Sir Stuart Rose is likely to keep both his jobs as chief executive and chairman despite facing fiery opposition from shareholders at the retailer’s annual meeting today.
Up to 30 per cent of shareholders are planning to either vote or abstain over concerns about his dual role, though analysts doubted they would create enough groundswell to block his reappointment to the dual role.
“No doubt Rose will put on his usual bravado with shareholders but behind the scenes I believe his card has been marked and any further mistakes will result in the board seeking outside candidates,” said Pali International analyst Nick Bubb.
M&S shares jumped more than 5 per cent on rumours that retail tycoon Sir Philip Green was about to launch a takeover bid. Green swiftly denied he had bought any shares in the company, but refused to comment on whether he would consider a bid.
City analysts last night doubted whether the troubled retailer was a likely target in the current environment, adding that the rumour most likely forced short sellers to cover their positions, resulting in yesterday’s rise.