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New team at work
From the Swindon Advertiser, first published Wednesday 2nd Jun 2004.
The newly-appointed team at Marks & Spencer has already begun work at the troubled high street giant.
Former Arcadia boss Stuart Rose and Paul Myners, a non-executive director, were named earlier this week as chief executive and interim chairman respectively.
The changes were unveiled as entrepreneur Philip Green, who owns the Arcadia group, which includes Top Shop and Dorothy Perkins, and British Home Stores (BHS), is expected to submit a bid for the company by the end of this week.
Billionaire retailer Mr Green is reportedly preparing to use £1 billion of his personal fortune to fund the bid, with the rest coming from banks and existing M&S shareholders, who will be offered shares in a new company to be listed on the Alternative Investment Market.
Meanwhile, Mr Rose said he was "thrilled" to have been appointed chief executive.
He added: "Marks & Spencer is a great company with a great history and a great reputation. I know the business well having spent the first 17 years of my retailing career with the company.
"My task is to harness the skills and energy of its people for the long term benefit of our customers and shareholders. I look forward to the challenge."
Mr Rose will be joined on the board by Charles Wilson, who has worked with him at Argos, Booker and Arcadia, and Steven Sharp is also to join the management team.
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