Man behind bid defence to be the 'next M&S chairman'

Robert Swannell, former chairman of US bank Citigroup's European operations, is in advanced talks with the company about an appointment that will see him replace Sir Stuart Rose by March at the latest, it was reported.

Mr Swannell, who advised M&S on its defence against a takeover bid by retail tycoon Sir Philip in 2004, is currently chairman of HMV Group, owner of entertainment chain HMV and book retailer Waterstone's.

The 59-year-old is also non-executive director of property investor British Land and infrastructure investor 3i.

Sir Stuart, who joined M&S in 2004, took on a combined role as chief executive and chairman in March 2008.

The role was split once again in May this year, when former Morrisons boss Marc Bolland took on the role of chief executive at the company, which holds a 10 per cent share of the UK clothing market.

Sir Stuart remained as chairman and is actively helping to find his own replacement, M&S said.

Mr Bolland took the reins at a difficult time for the retailer, which has suffered two years of stuttering sales.

Last year the group reported a 40 per cent drop in full-year profits to 604m and slashed its dividend payment by a third – the first dividend cut since 2000.

Earlier this year, Sir Stuart took a pay cut from 1.16m to 875,000 for his final months with M&S after reports of discontent among shareholders.

Shares in the company last night closed down 4.5p to 332.7p, or 1 per cent.

M&S declined to comment.