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Sterling has today picked up sharply after weeks and weeks of pressure and selling by investors. This comes just ahead of the MPC meeting to decide their next move on UK base rates and until just a...
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Wednesday 9th July 2008
He may be the darling of the retail world, he may have turned around Marks and Spencer, but it seems that even the likes of Stuart Rose are not immune from the affects of the ongoing credit crunch and slowing UK economy. It was revealed at today’s AGM that 20% of M&S shareholders had voted against or abstained from appointing Sir Stuart as the group’s executive chairman.
In the world of high finance and big salaries it seems that memories are very short, with few people mentioning that fact that M&S shares rose from under £2 to over £6 under the stewardship of Stuart Rose. The fact that the shares have fallen to around 230p seems to be foremost in the minds of investors, although it seems that Rose still has the support of institutional investors but how long will this last?
The main concerns seem to be centred on that fact that Rose is master of all at Marks and Spencer with more and more investors concerned about a natural progression in the management stakes with all rumoured successors having left the group shortly after arriving. Is Rose looking to buyout M&S? Is Philip Green set to return with an offer? |
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