Marks & Spencer’s internal candidates to succeed Sir Stuart Rose are expected to make presentations to the City tomorrow at the retailer’s first investor day for nearly a decade.
The retailer is also poised to outline significant cost savings and an expansion in its online retailing at the event.
Rose has said that he will step down as chief executive next year. Internal candidates - finance director Ian Dyson, food boss John Dixon and clothing chief Kate Bostock - will make their pitches in the race to succeed Rose. The candidates will make presentations on the progress of M&S’ 20/20 strategy, focused on distribution, warehousing and IT integration.
According to the Financial Times, one person with knowledge of the company said: “I don’t think this investor day was conceived as a public audition. But if it is not well received… it may damage all of the internal candidates’ chances of succeeding.”
M&S - which is attempting to build bridges with investors following the fall out over Rose’s dual role - is expected to set out annual cost savings from a modernisation of its supply chain of about £150m-£200m. The savings, including moving from a reliance on agents that buy and store stock on the retailer’s behalf to more direct sourcing from Asia, are not expected to be realised immediately.
Some analysts have suggested the retailer’s online push will look at initiatives including an extended click and collect service to harness the strength of its large store network.
External candidates understood to be in the running include Morrisons chief executive Marc Bolland, Sainsbury’s chief executive Justin King and Asda chief executive Andy Bond.
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