M&S announces changes to its board of directors

Marks and Spencer Group plc (M&S) has announced changes to its board and committee membership. The company said, having served on the board since September 2011, and having led the succession process for the new chairman in 2017, Vindi Banga, senior independent director and chairman of the remuneration committee decided to step down and retired as a director on October 1, 2018.

Andy Halford, who was appointed in January 2013 and will continue as Chairman of the audit committee, also succeeded Banga as Senior Independent Director. Additionally, the company added that Andrew Fisher, appointed in December 2015, will succeed Banga as Chairman of the remuneration committee and will step down from the audit committee as a result of this appointment.

Commenting on the development, Archie Norman, Marks & Spencer Chairman said in a statement: “Vindi has been an extraordinary contributor to the M&S board over seven years and is as much as anyone author of the transformation team we have in place today. With Robert Swannell he was highly instrumental in the appointment of Steve Rowe as Chief Executive and he oversaw the succession process for a new chairman. As SID and chairman of the remuneration committee the company has relied on him for his sagacity and judgement and he leaves with our enormous thanks."