Marks & Spencer confirms Robert Swannell as chairman

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The appointment of a banker to one of the top jobs in retail has sparked speculation in the City that M&S expects to either fend off or make takeover bids in the near future.

Swannell, a 59-year-old City grandee, spent 30 years at Schroders. It was there that he helped M&S see off a takeover by retail magnate Sir Philip Green.

Swannell is regarded as a more low key figure than the man he replaces, Sir Stuart Rose, who will continue as chairman until January 4. He is expected to be paid £500,000 a year.

He said: "It is a privilege to be asked to chair one of the world's greatest brands."

Samuel Johar, chairman of headhunters Buchanan Harvey, said Swannell's considerable experience in the City - more than 33 years - could help mend relations with the larger stockholders.

"Given that M&S's relations with the City are a little frayed, Robert Swannell's intimate knowledge of the City and clubbable style would certainly improve relations," he told the FT.

Analysts said Swannell may face a battle for the hearts of Marks and Spencer's small shareholders, many of whom were charmed by Sir Stuart.

Neil Saunders, consulting director at retail analyst Verdict Research, said: "Robert Swannell is not necessarily the first name that comes to mind for chairman of Marks & Spencer.

"However, his appointment makes strategic sense. He knows his way around M&S, retail and the City. Sure, he's not as big a personality as Sir Stuart, but he is just as competent and that's what counts.

"One challenge is his relationship with the thousands of small shareholders, they adored Sir Stuart so Mr Swannell will have a very tough act to follow."