Myners still contends for M&S chair

Marks & Spencer's search for a permanent chairman is reaching new heights, with interim post-holder Paul Myners campaigning to keep his job. According to press reports, he faces opposition from within his own board. However, no other serious candidates have yet emerged.

Myners (pictured) took the chairmanship last year, when the retailer was facing a potential 400p a share bid from Philip Green. Myners is understood to want to stay as chairman until the retailer's annual general meeting in July and take the role permanently, with the promise that he would streamline his commitments to other boards.

However, he does not have the full backing of the board, according to press reports. M&S senior non-executive director and head of the nominations committee Kevin Lomax is thought to oppose Myners' permanent appointment to the post, on the basis that there is not enough ground between him and chief executive Stuart Rose. Rose is said to depend on Myners' grasp of corporate governance issues, while he grapples with operations.

Evolution analyst Nick Bubb pointed out that M&S's track record since Green's potential bid could make Myners' appointment as permanent chairman politically sensitive. He said: 'We suspect that behind the current row - is the view that it may be embarrassing to all concerned if the man who turned down the Philip Green bid of 400p a share last summer is still there a year later with shares languishing in the 350p to 360p area.'