Bolland lambasted by ex-M&S chairman

M&S boss Marc Bolland is under fire from Lord Myners over the recent 10% drop in profits. 'The absence of clear momentum is disappointing,' said the retailer's former chairman.

by Rebecca Burn-Callander

Lord Myners, who was chairman of the company from 2004 -2006, is 'disappointed' by the high street stalwart's trading results since Bolland has been at the helm. The well-dressed Dutchman was headhunted from Morrisons in 2010, but has failed to bring profits back up to pre-recession levels during the past two years of volatile trading conditions.

The indomitable Lord Myners was on the M&S board back in the heydey of the brand. He, alongside ex-M&S boss Stuart Rose, successfully fought off a hostile takeover by Topshop boss Philip Green when M&S was raking in pre-tax profits topping £1bn.

Despite huge investments in store refurbishments, a management shake-up, and a relaunched online operations, M&S' 2012 full-year profits will come in at just £670m.

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