M&S board split widens

By EDMUND CONWAY
Updated:

 

A RIFT appears to be widening between Marks & Spencer board members over the appointment of a new chairman for the High Street stores group.

Senior independent director Kevin Lomax is understood to be engaged in a bitter dispute with M&S interim chairman Paul Myners over his succession plans.

Lomax is determined not to allow Myners to extend his contract, fearing that he is too close to chief executive Stuart Rose and has too many directorial roles in other companies to devote enough time to running M&S.

Meanwhile Myners, who joined the M&S board in 2002, is believed to be set on continuing as chairman.

Rose will this week call on the directors to put aside their personal dislike for each other and to bring the nomination procedure, which has now gone on for around nine months, to an end. He is concerned that the spat will overshadow his turnaround plans for the retailer.

There was disquiet in the City last week following news that Lomax is trying to ensure that Myners' replacement should be a woman. Sources say there is still unlikely to be a decision on the appointment for several weeks.

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