Marks and Spencer boss to stay until 2011

0 Comments | AFP, March, 2008

LONDON (AFP) — British food-to-clothes retailer Marks and Spencer said Monday that chief executive Stuart Rose would remain at the company until 2011 but would become executive chairman in a management overhaul.

Rose would assume his new role from June 1 in a shake-up after which the group would no longer have a chief executive by name, M and S said in a statement.

There has been much uncertainty surrounding the future of Rose, whose success in turning the group around following his appointment in 2004 has tailed off in recent months causing the M and S share price to slide.

"Sir Stuart Rose is appointed executive chairman ... and has committed to stay with the company until July 2011, when he will retire," the company said.

Rose, who was knighted in...