Bank veteran Swannell to take the chair at M&S

Former investment banker Robert Swannell will become chairman of Marks & Spencer in January, the high street stalwart confirmed yesterday.

Swannell, who helped M&S in its defence against retail tycoon Sir Philip Green's takeover bid in 2004, will join the board on 4 October as non-executive director before he replaces Sir Stuart Rose as chairman on 4 January.

The former chairman of US bank Citigroup's European operations will reportedly pick up an annual income of 500,000 for the non-executive job.

The 59-year-old, who is also chairman of HMV Group, said: "It is a privilege to be asked to chair one of the world's greatest brands."

Rose, who will continue as chairman until January, said he was "delighted" that Swannell would be taking up the position.

He said: "His considerable experience of both the City and the commercial world will be a real asset to the board and the business."

M&S said it had no concerns over Swannell remaining as chairman of HMV Group as the firms do not operate in competing spaces.

Swannell is also non-executive director of property investor British Land and private equity firm 3i.

He will work alongside former Morrisons boss Marc Bolland, who took on the role of chief executive at M&S in May.

A trained accountant and barrister, Swannell started his career at investment bank Schroders in 1977.

When he joined, the bank made less than 1 million in annual income. Swannell would go on to witness its investment banking division's merger with US bank Citigroup in a deal worth more than 1.3 billion.

He has been described as having a softly-spoken and well-mannered style that should be an asset in his dealings with the company's army of private shareholders.