Department store Marks & Spencer has revealed that chairman Robert Swannell will be stepping down, after spending six years in the job.
Being managed by Vindi Banga, senior independent director, a search has begun for a new chairman, however Mr Swannell will stay until the role has been filled.
Commenting, Mr Swannell said: "A year ago we chose Steve Rowe as our chief executive. Steve completed a thorough analysis of the business and developed a detailed plan to build a simpler and more relevant M&S.
"This plan is now under way and I feel that it is the right time for the business to look for a new chairman.
"It is a real privilege to chair this iconic company and I will continue to do so until my successor is in place."
