M&S extends chairman's tenure in wake of cyber attack [Yahoo! Finance]
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Source: Yahoo! Finance
Marks & Spencer (M&S) will extend Archie Norman's tenure as chairman as it bounces back from a damaging cyber attack that cost the business £300m. Mr Norman, the former Asda chief executive, joined M&S in 2017 and will reach the end of the maximum nine-year term recommended under the UK corporate governance code next year. However, the high street retailer said its board was “unanimous in its conviction” that Mr Norman should stay beyond the recommended maximum and said the move had “widespread support” from shareholders. Mr Norman will now remain as chairman until 2029. The extension comes as the retailer seeks to continue a turnaround in its fortunes, having rejoined the FTSE 100 in 2023 after a four year absence. Mr Norman and M&S's chief executive, Stuart Machin , have been credited with engineering a revival for the much loved retailer after years of market share decline. However, momentum was derailed earlier this year by a devastating cyber attack that left shelves e
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