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LONDON - Marks and Spencer Group PLC (LSE:MKS) announced Tuesday that Chairman Archie Norman will continue in his role beyond the typical nine-year corporate governance guideline, following unanimous board approval and shareholder consultation.
Norman, who began as chairman in 2017, will reach the "comply or explain" nine-year mark in September 2026. The board has approved a three-year extension of his term, subject to annual review by independent directors and shareholder approval at each AGM.
The decision comes as M&S continues implementing its "Reshaping for Growth" strategy. According to a company press release, the Committee of Non-Executive Directors, led by Senior Independent Director Fiona Dawson, determined that maintaining leadership continuity would benefit the company during this transformation period.
"Archie has been an exceptional Chair, steering an effective, engaged Board and putting in place a highly capable leadership team under Stuart Machin which is transforming M&S and building a stronger, better business," Dawson said in the statement.
Norman’s extended chairmanship is intended to provide stability as the retailer progresses through its ongoing strategic initiatives. The company noted there is "widespread support" for the extension among shareholders.
The decision represents a departure from the UK Corporate Governance Code’s recommendation that board chairs serve no more than nine years, though the code allows companies to explain exceptions when they believe it serves shareholders’ interests.
M&S will present the appointment for shareholder approval at its next annual general meeting.
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