Marks and Spencer is two years into a five-year recovery plan that has so far brought more pain than gain. Its share price is down two-fifths over the same period and it has just been kicked out of the FTSE 100 for the first time. Chairman Archie Norman, a City grandee feted for the turnrounds he helped instigate at supermarket chain Asda and broadcaster ITV, is understood to be finding the task more complex — and M&S’s problems more deep-rooted — than he expected. But he is no less determined to leave the company, as he once put it, “fit for the next 100 years.”
Marks and Spencer is two years into a five-year recovery plan that has so far brought more pain than gain. Its share price is down two-fifths over the same period and it has just been kicked out of the FTSE 100 for the first time. Chairman Archie Norman, a City grandee feted for the turnrounds he helped instigate at supermarket chain Asda and broadcaster ITV, is understood to be finding the task more complex — and M&S’s problems more deep-rooted — than he expected. But he is no less determined to leave the company, as he once put it, “fit for the next 100 years.”
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