1. ITV Report

Marks & Spencer appoint ex-Asda boss Archie Norman as new chairman

M&S have appointed Archie Norman as the company's new chairman. Credit: PA

Marks & Spencer has appointed former Asda boss Archie Norman as chairman.

Mr Norman will take up the position in September, succeeding Robert Swannell who is retiring after six years in the role.

Mr Norman helped turn around the fortunes of Asda in the Nineties and has also served as chairman at Lazard and Hobbycraft, as well as stints at Kingfisher and Energis.

He stepped down as chairman of ITV last year.

The City has responded positively to Archie Norman's appointment as M&S chairman. Credit: PA

M&S shares were up 4.5% in morning trading off the back of the news.

M&S's clothing sales have suffered in recent years as the store comes under increasingly pressure on the high street.

The company announced in April that it will be closing six stores blaming the rising cost of living.

Mr Norman will oversee these closures as well as a major overhaul of the company's product ranges and prices alongside chief executive Steve Rowe.

He said: "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."

The news of Mr Norman's appointment comes days after M&S revealed they had hired chief executive of Halfords, Jill McDonald to oversee its struggling clothing arm.