Marks & Spencer Ousts Chairman and CEO as Philip Green's Takeover Bid Looms

Luc Vandevelde and Roger Holmes will leave Marks & Spencer (M&S) immediately, the company announced, succumbing to shareholder pressure amidst an expected £10 billion takeover bid from entrepreneur Philip Green. Stuart Rose, the former Arcadia executive, will replace Holmes as CEO, bringing a new team, including Charles Wilson and Steve Sharp, who will take on unspecified roles. Rose aims to revive M&S's fortunes and regain its former glory, contradicting Green's intentions.

Key Takeaways:

• M&S's chairman and CEO, Luc Vandevelde and Roger Holmes, will leave the company immediately due to shareholder pressure.
• Stuart Rose, a former Arcadia executive, will succeed Holmes as CEO and bring a new team, including Charles Wilson and Steve Sharp.
• Rose has stated his goal is to bring M&S back to its former glory, contradicting Philip Green's intentions.
• Rose has expressed his commitment to M&S, spending the first 17 years of his career at the company before moving to other roles.
• Green, known for buying companies and reaping personal rewards, is expected to make a £10 billion bid for M&S.
• Institutional shareholders demanding management changes are a result of Green's reputation and the potential bid.
• Rose's appointment marks a U-turn for the M&S board, which previously spurned him for the chairmanship.

Statistics:

• M&S's expected pay-off for Holmes is £600,000.
• Vandevelde's expected pay-off is £450,000.
• Rose's appointment marks the start of a new chapter for M&S, with a new team and advisory board in place.
• The new advisory team includes Citigroup, Morgan Stanley, and Cazenove, replacing Rothschild.

Sources:

• The Financial Times, 2011 Bloomberg, no date available for the takeover bid announcement "M&S Share-Falling 6% on Prospect of Green Bid"
• BBC News "M&S appoints new CEO as Philip Green's bid looms"