M&S restructure gets board support

Marks and Spencer won the public backing of its biggest shareholder yesterday for its plans to promote Sir Stuart Rose from chief executive to executive chairman. Brandes Investment Partners, the US investment group that holds more than 7 per cent in the retailer, issued a rare public statement expressing its support for the new board structure. The statement came a day after M&S published an open letter to shareholders outlining concessions designed to defuse the row about Sir Stuart's promotion.

Amelia Morris, Brandes' director of investments, responded, saying: "We are pleased that the board has retained Stuart in the business for another three years with a structure that creates the flexibility for succession and which will revert to separate chairman and CEO after that time."