Marks & Spencer executive chairman and chief executive Sir Stuart Rose is coming under increased pressure as shareholders at the retailer appear on the verge of revolt.
Several top investors are thought to have approached the independent director Jan du Plessis, The Telegraph reported, voicing concerns about Rose’s dual role, which contravenes corporate-governance best practice.
Shareholders are concerned that combining the positions gives him too much power over the future direction of the company.
The increasing anger comes against a backdrop of poor performance and suggests that Rose faces a tough time at the company’s annual general meeting this summer if he does not relinquish one of his roles before then.
M&S has seen a 40 per cent fall in profits, estimated at £605 million, as the upmarket retailer is thought to have been a victim of the discount war which has seen customers trading down.
M&S said Rose would be re-elected every year and that it would hire a non-executive director with the potential to become the senior independent director in an attempt to allay shareholders’ fears last year.
But hopes that Du Plessis would fill this position following his appointment in November were dashed last week when he was appointed chairman of the mining company Rio Tinto, making the latter position a priority.
Rose told the Retail Week conference last week: "I'm very comfortable with what we are doing… I will not stay a moment longer than the company wants me."
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