Marks & Spencer share price jumps as group appoints new chairman

on May 5, 2017
Updated: Oct 21, 2019

Shares in Marks & Spencer Group (LON:MKS) have jumped more than four percent in London this morning, with investors reacting positively to news that the company has appointed Archie Norman as its new chairman. The former Asda boss is set to take over from Robert Swannell from September 1.

As of 09:23 BST, Marks & Spencer’s share price had added 4.64 percent to 374.10p, outperforming the broader London market, with the benchmark FTSE 100 index currently 0.05 percent higher at 7,251.90 points. The retailer’s shares have lost more than 10 percent of their value over the past year, but have clawed back nearly six percent in the year-to-date.
M&S announced in a statement this morning that it had appointed Archie Norman as chairman with effect from September 1, to succeed Robert Swannell who will retire from the board on that date. Norman is best known for turning around Asda and is also a former chairman of ITV (LON:ITV). His appointment comes as chief executive Steve Rowe looks to turn around the company’s fortunes by restructuring the blue-chip retailer and reviving its underperforming clothing business.

“I am looking forward to taking on the role of the Chairmanship of Marks & Spencer as the business under Steve Rowe’s leadership faces into the considerable challenges ahead in a rapidly changing retail landscape,” Norman commented in the statement.
The 23 analysts offering 12-month price targets for M&S for the Financial Times have a median target of 315.00p, with a high estimate of 500.00p and a low estimate of 250.00p. As of April 28, the consensus forecast amongst 26 polled investment analysts covering the blue-chip group advises investors to hold their position in the company. The retailer is scheduled to update investors on its full-year performance on May 24.
As of 09:52 BST, Friday, 05 May, Marks and Spencer Group Plc share price is 375.40p.

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