Bolland’s exit creates a gap November 22, 2009 Marc Bolland’s defection from WM Morrison to Marks & Spencer may have signalled the end of one succession saga – but has promptly sparked another, as the City clamours to predict who will fill the Dutchman’s shoes. Bolland is widely credited with transforming Morrison’s after its problematic acquisition of Safeway in 2004. When news broke [...]
ITV and M&S bosses can add long-term value November 22, 2009 Last week two of the UK’s biggest companies named new leaders. The appointments added hundreds of millions of pounds to the value of the businesses. But how much long-term value can a new boss add? Consider the pedigree of the men in question; both undoubtedly impressive. Marks & Spencer snared Marc Bolland as its new [...]
Sales grow at Morrisons November 19, 2009 WM Morrison yesterday unveiled strong third quarter sales, a day after the City and investors were left reeling from the shock departure of its chief executive Marc Bolland. The group said like-for-like sales rose 4.3 per cent in the 13 weeks to 1 November, just below expectations, as slowing food inflation pegged back growth from [...]
WANTED: STEADY HAND AT THE TILL November 19, 2009 THE departure of Wm Morrison boss Marc Bolland won’t blow the supermarket off course, retail experts said yesterday as the Bradford-based company posted another set of strong sales figures and customer growth. With Bolland sidelined ahead of taking the reins at Marks & Spencer in January, finance director Richard Pennycook took responsibility for yesterday’s trading [...]
THIS IS NOT JUST ANY CHIEF EXEC… November 18, 2009 MARKS & Spencer yesterday stunned the City by naming WM Morrison’s successful boss Marc Bolland as its new chief executive. The shock move was widely welcomed by investors in M&S – but Morrisons’ shareholders suffered heavy losses. Sir Stuart Rose, who has been holding the position of executive chairman in defiance of corporate governance rules, [...]
A general election cannot come too soon November 18, 2009 IF only life were this easy. So the markets are saying that the budget deficit is far too high? Simple, you pass a law stating that it must be cut and then abolished over the next few years (when you are no longer in power) – and then make speeches extolling your own virtues and [...]
M&S and ITV brighten up dull day of trading for FTSE November 18, 2009 THE UK’s main market ticked down slightly yesterday, as an unexpected drop in US housing figures spooked investors and weakness in food retailers and tobacco firms outpaced gains in miners and energy companies. The FTSE100 closed 0.1 per cent lower at 5,342.13 with Cable & Wireless, Unilever, Vodafone and HSBC going ex-dividend. Marks & Spencer [...]
CRUDE OIL’S STALL SPELLS BAD NEWS November 16, 2009 DAVID MORRISONCFD MARKET STRATEGIST, GFT DESPITE assurances to the contrary, the US administration wants a weaker dollar. Investors have seen this, however, and discount US Treasury Secretary Tim Geithner’s call for a strong dollar as simply hot air. Meanwhile the clear message from the Federal Open Market Committee (FOMC) is that US interest rates will [...]
Bank appoints court director November 11, 2009 The Treasury yesterday appointed John Morrison Stewart as a new director of the court of the Bank of England and as a member of the Financial Stability Committee for three years from December. The Court manages BoE affairs other than monetary policy, while the FSC is being formed to support the BoE’s new statutory objective [...]
Clubcard lifts Tesco’s share of customers November 10, 2009 SUPERMARKET giant Tesco is growing market share for the first time in two years as it fights back at its rivals, industry figures show. Tesco’s double Clubcard points promotion – which cost the group around £5m a week – helped its share of the grocery market climb to 30.7 per cent in the 12 weeks [...]