M&S in shareholder rebellion

07-07-2008

M&S in shareholder rebellion
Marks & Spencer could face a shareholder backlash this week over plans for Sir Stuart Rose to take on the role of executive chairman.

At this week's annual general meeting between 20 and 30 per cent of shareholders are predicted to vote against the move and a large number could well abstain on the vote to express their displeasure.

Last week shares at Marks and Spencer slumped after the retailer reported a 5.3 per cent fall in like-for-like sales for the first quarter.

M&S said sales were down 4.5 per cent in food and 6.2 per cent in general merchandise, citing stumbling consumer confidence behind the falls.

Sir Stuart said last week: "Consumer confidence levels have deteriorated markedly and market conditions have become more challenging.

"Four years ago, M&S was a weak business in a strong market. Today, we are a strong business in a weak market."

Bookmark with:
Bookmark with: Digg Digg Bookmark with: Del.icio.us Delicious Bookmark with: Reddit Reddit Bookmark with: StumbleUpon StumbleUpon Bookmark with: Google Google Bookmark with: Technorati Technorati Bookmark with: Netvouz Netvouz

Latest News:

Search News
News Front Page
Accountancy / Tax
Advertising / PR
Armed Forces
Automotive
Aviation / Aerospace
Banking / Finance
Charities / Voluntary
Childcare / Youth
Construction / Property
Customer Services
Education / Training / Teaching
Emergency Services
Engineering / Electronics
Entertainment / TV / Theatre
Graduate Roles
Health / Beauty
Hotel / Catering / Restaurants
HR / Recruitment
Insurance / Pensions
International / Overseas
IT / Internet
Legal
Management / Business
Manufacturing / Industry
Media / New Media / Creative
Medical / Healthcare
Pharmaceutical Industry
Public Sector
Retail / Wholesale
Sales / Purchasing / Marketing
Science / Technology
Secretarial / PA / Admin
Skilled / Semi-skilled Manual
Telecommunications
Transport / Logistics
Travel / Tourism / Leisure