The man who saved High Street giant Marks & Spencer, Sir Stuart Rose, has announced his plans to retire in July 2011. The announcement was prompted by a decision from the Chairman Lord Burns who will retire from June this year. From June, Rose will take on the position of Chairman. Lord Burns commented,
"Placing Stuart in this new role creates the right leadership for the future. Since Stuart returned to M&S, the company has made substantial progress. It is my view and the unanimous view of the independent directors, that placing Stuart in this new role creates the right leadership structure for the company."
Rose appreciates the heritage of M&S and recognises that right now is an important time in it's growth.
"In taking on the role of executive chairman, my task will be to guide the business through the next stage of growth."