Markets reaction to Marc Bolland as Marks & Spencer Chairman. Yeah i'm always right, the market reacted well to the appointment. The City welcomed the appointment, sending shares in M&S rising more than 5% to 386p – raising its market capitalisation by £284m. Shares in Morrisons slid by 4% to 283p, knocking £331m off the company's value.
The appointment ends a long saga at M&S, where Sir Stuart Rose is currently executive chairman. M&S said that Rose will continue as a part-time chairman of M&S after Bolland is installed to ensure "a smooth transition", adding that he will step down from the chairmanship by the summer of 2011.
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