Marks and Spencer Group will extend Chairman Archie Norman's tenure to ensure stability as the British retailer continues its multi-year turnaround strategy.
The company said Tuesday its board unanimously backed the move, which will see Norman stay for up to three additional years from September 2026, subject to annual review and shareholder approval.
Norman, who joined as chairman in 2017, is approaching the nine-year term after which non-executive directors' independence is typically reviewed under UK corporate governance guidelines.
M&S stated that it would benefit from the "continued strong leadership and stability" Norman provides as it executes its "Reshaping for Growth" plan.
The decision follows the departure of non-executive director Justin King in September.
"Archie has been an exceptional Chair, steering an effective, engaged Board and putting in place a highly capable leadership team under Stuart Machin which is transforming M&S and building a stronger, better business," said Fiona Dawson, the company's Senior Independent Director.
"There remains much to do, and Archie's deep knowledge of the business, drive and unique experience will be invaluable as we move to the next phase of the Reshaping for Growth plan," she added.
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Marks and Spencer Group will extend Chairman Archie Norman's tenure to ensure stability as the British retailer continues its multi-year "Reshaping for Growth" transformation strategy.