Luc made sweeping changes.  Virtually the whole M & S board was changed as Luc brought in Roger Holmes, a former management consultant from Kingfisher, as Managing Director.

Holmes changed his title to Chief Executive while Luc became a non-executive chairman and then M & S announced a disappointing first quarter in 2004 and now the knives are out.

Luc may have been just plain greedy.  Not only is he the current chairman of one of the biggest retail institutions in the UK but also runs his fund, Change Capital Partners, board member of Vodafone and assists with Carrefour, the French retail giant.  Little wonder the M & S board questions Luc’s commitment!  But are they right to target just Luc?  Surely a large portion of the ‘responsibility cake’ must rest with Holmes himself, after all the day to day managing of any business is the Chief Executive’s responsibility; the chairman basically keeps the shareholders happy and provides a steer for retail vessel.

Also, it’s not easy out there in the retail world.  I can clearly remember when Luc after 12 months of being in the M & S hot seat, exclaimed that it was much more of a demanding and difficult role than he first anticipated.  M & S has its own unique culture, systems, processes and peculiarities.  It has taken time to fully understand the fir-reaching ensemble of M & S.  Luc did steer M & S on the course, albeit with easy for-like sales figures to break each quarter.

So what’s next?  Archie Norman is hotly tipped to take over form Luc.  The conservative MP and former chairman of Asda… There’s also other rumblings too… Stuart Rose, current head of the British Fashion Council, stylish entrepreneur and millionaire.

There’s nothing like a little intrigue in the retail world to brighten your day!

Jenny Holloway

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