Myners 'to stay in charge at M&S'

MARKS & Spencer chairman Paul Myners looks set to triumph over the directors who are trying to oust him from the troubled retailer, it has been reported.

Myners wants to turns his temporary chairmanship into a permanent position, a move which is supported by shareholders, staff and customers, according to the Sunday Telegraph.

His appointment would bring to an end a boardroom split in which Kevin Lomax, the senior non-executive director of M&S and head of its nominations committee, has urged the company to appoint an outsider.

Lomax is believed to have put forward senior figures including Lord (Terry) Burns, the former chairman of Abbey who oversaw the sale of the bank to Banco Santander last year.

In another report, the Sunday Times suggested Lomax had named three candidates as possible successors but would be prepared to back down if chief executive Stuart Rose did not agree with the shortlist.The paper said Lomax would reluctantly agree to Myners staying on as chairman until next year if that was the case.

Investors are understood to be pressing for an end to the damaging row at a time when it is struggling to revive flagging sales.

In a trading update last month, M&S reported a fall of 6.7% in non-food sales for the 13 weeks to 2 April. M&S is due to update the market on its progress when the company unveils its full-year results on 24 May.