MARKS & Spencer, Britain’s biggest clothing retailer, is to name veteran investment banker Robert Swannell as Stuart Rose’s successor as chairman, Sky News reported yesterday.

It said Mr Swannell – former chairman of Citi’s European investment bank and vice-chairman of Citi Europe and the current chairman of music, books and games retailer HMV Group – would take up the role when Mr Rose steps down next year.

M&S and HMV both declined to comment on the report.

Mr Swannell was a long-term adviser of M&S during his time at Citi, helping the retailer see off a takeover attempt from billionaire entrepreneur Philip Green in 2004.

He is also a non-executive director at property group British Land and venture capital firm 3i Group.

Mr Rose, who has had a rocky relationship with institutional shareholders since he combined the roles of chairman and chief executive in 2008 against corporate governance guidelines, is due to leave M&S by the end of next March.

He was succeeded as chief executive in May by Marc Bolland, the former boss of Wm Morrison Supermarkets.

Analysts said Mr Swannell would be a good appointment for M&S. “He’s a well-respected City heavyweight, kind of what they need. Because it’s MS there’s always a lot of focus on who the chairman is,” said Nick Bubb, analyst at Arden Partners.

M&S had a torrid recession, hit by competition from discount clothing chains like Primark, and has admitted it was too slow to adapt its upmarket food business to the more straitened economic times.

It has fought back, helped by new clothing ranges such as Indigo and cheaper Wise Buys in food. But many analysts think it needs to go further, and faster to become a more streamlined and efficient business. – (Reuters)