M&S On Lookout For New Chairman

In a highly competitive high street clothing market, Marks & Spencer is trying to hold on to its niche and market share and is on the lookout for a non-executive director to add to its strength. The primary reason the company is looking for an additional board member of suitable seniority is that there is no replacement should current chairman Luc Vandevelde leave M&S.

Mr Vandevelde has been criticised by some investors of late for his appointment to the board of Carrefour, the French hypermarket chain. His pay-packet has grossed to GBP6.8m since his appointment in February 2000. Given that Mr Vandevelde is also managing director of venture capital group Change Capital Partners, institutions fear he may be spreading himself too thin.

When home director Vittorio Radice was appointed as the head of general merchandise, it was generally insisted that the chairman remained "committed" to M&S. Since last September, Mr Vandevelde, a Belgian national, has been paid in company shares.

The company's senior non-executive director is Brian Baldock, who turns 70 in June, and has served on the board since 1996. Along with Dame Stella Rimington, who chairs the remuneration committee and is 69 this year, Mr Baldock was on the board when the non-executives failed to tackle the succession crisis in 1998. Mr Baldock chairs the nomination committee.

Since Dame Stella has been on the board since January 1997, both breach Higgs' recommendation of non-executives serving two three-year terms.