Analysts are impressed by M&S’s Dyson
MARKSand Spencer’s finance director Ian Dyson yesterday wowed shareholders and analysts at the firm’s first investor day in a decade, convincing some he is the right man to replace outgoing boss Sir Stuart Rose.
Dyson is widely-tipped for the top job, as are director of clothing Kate Bostock and head of food John Dixon. The trio took to the stage yesterday as they set out their stalls, but one analyst dubbed it “the Ian Dyson show”.
The company says it will appoint a chief executive next year, when Rose will become non-executive chairman before leaving by July 2011. M&S has said it would prefer an internal appointment.
Dyson is the City’s favourite, with many believing that neither Bostock nor Dixon have the experience to head up Britain’s bellwether retailer.
Surprisingly for one of the country’s most high profile retailers, its second tier management has been in the shadow of executive chairman Rose in recent years. Many industry experts said that yesterday was the first time they had heard Bostock or Dixon speak at length.
Rose – normally prone to theatrical showman tactics – only spoke briefly at the beginning and end, letting his protégées take the spotlight.
Investors are concerned M&S might run into the same sort of problems faced by broadcaster ITV which has seen a procession of big names rule themselves out for the top job.
Ernst&Young analyst Gavin George said: “It’s becoming a trend – saying no to the top job.”
Meanwhile, M&S announced a shake-up of the group and a £250m cost-saving programme, which will see it close some warehouses and revamp its ITsystems.
The retailer also said it would “aggressively” expand its online offer and that it was considering a home-delivery service for its food division.