Luc Vandevelde to Join as Chairman
Marks & Spencer PLC
24 January 2000
LUC VANDEVELDE TO JOIN MARKS & SPENCER AS CHAIRMAN
Marks and Spencer plc announces the appointment of Luc
Vandevelde as Chairman with effect from 28th February
2000.
Luc Vandevelde, aged 48, joins Marks & Spencer from Promodes,
one of the largest retailers in Europe, where
he was President and Chief Operating Officer for four
years and Chairman since autumn 1999. Following the
announcement of the merger between Promodes and
Carrefour, he was also named as Executive Vice Chairman
designate of the merged group.
During his career to date, Luc Vandevelde:
Held operational, financial and strategic roles at
Kraft General Foods in the US and five European
countries, becoming Chief Executive Officer of Kraft
Jacob Suchard France and Italy.
Built Promodes into a leading international retailer
with over 6000 stores in 16 countries - ranging from
neighbourhood stores to out of town hypermarkets,
with a 60:40 mix of food and non-food.
Delivered outstanding growth and value creation
at Promodes, where during the four years following
his arrival in 1995, the company achieved average
annual earnings growth of 25% and a six-fold
increase in the share price giving it a market
capitalisation of approximately £13.5 billion.
Was a driving force behind the merger between Promodes
and Carrefour, which will create the
largest retailer in Europe and the second
largest retailer in the world with expected annual
sales in 1999 of FFr 355 billion (£35 billion).
Vandevelde, a Belgian national, will join Marks &
Spencer as full-time Executive Chairman focusing
on the strategic development of the Group with
Peter Salsbury, Chief Executive. The Executive team
will continue to report directly to Peter Salsbury.
Brian Baldock, Chairman, said today:
'We are thrilled that Luc is joining us. He is
overwhelmingly the right man for the job and brings
with him a wealth of expertise in brand management and
successful experience in retailing around the world.
Luc has helped create substantial shareholder value for
Promodes and he will quickly be able to make a
significant contribution to Marks & Spencer.'
Peter Salsbury, Chief Executive, added:
'Luc brings with him a fresh perspective and the
broader experience in the international retailing scene
which we were looking for. This will be a vital
element as we drive forward the programme of
radical change which has been underway for the past year.
We have already developed a good rapport and together
we will create a strong partnership.'
Luc Vandevelde, Chairman Designate, said:
'Marks & Spencer is one of the great retail names
in the world. Most leading brands go through tough
periods at some stage, but if they have the
fundamental strengths, they can come back with
renewed force. I believe that Marks & Spencer does
have those fundamental strengths in its brand,
its financial base, its property portfolio and
its strong retailing skills. I am looking forward to
playing my part in leveraging those strengths. Having
spent time with Peter and his team recently, I have
been impressed by their appetite for change and
determination to succeed. In my experience of
turnarounds, these are the two essential qualities for
success and this gives me confidence that we can
build substantial value for shareholders.'
The Directors of Marks and Spencer plc accept
responsibility for the information contained in this
statement. To the best of the knowledge and belief of
the Directors (who have taken all reasonable care to
ensure that such is the case), the information
contained in this document is in accordance with the
facts and does not omit anything likely to affect
the import of such information.
For further information please contact:
Marks & Spencer
Luc Vandevelde
Brian Baldock
Peter Salsbury
Brian Hudspith/Mark Ashman/Jane Lowe
020 7404 5959 (Today only)
Brunswick
Susan Gilchrist/Gill Ackers/Anita Scott
020 7404 5959
Stuart Bruseth (broadcast media)
01426 627360 (pager)
NOTES FOR EDITORS
Exchange Rate used in this announcement: GBP1 = FFR9.97
Biography of Luc Vandevelde attached
BIOGRAPHY OF
LUC VANDEVELDE
Luc Vandevelde is currently Chairman of Promodes, one
of the largest retail groups in Europe. Born in
Belgium, he has spent most of his career working
internationally.
He joined Kraft General Foods, owners of well-known
brands such as Maxwell House, Dairylea and
Philadelphia, in 1971. During his 24 year career at the
Group, he had experience of working in 30 countries and
performed a number of operational, strategic and
financial management roles, including the successful
acquisition and integration of the Jacob/Suchard
companies into Kraft after their acquisition in 1990.
He moved to Promodes in 1995 initially as President and
Chief Operating Officer and latterly as Chairman during
which time he has built the company into an
international retailer with operations across Europe,
Asia and South America. Under his leadership, sales
and profits have both increased significantly and the
market capitalisation of the Company has grown sixfold.
He was a driving force behind the merger of
Promodes with Carrefour announced in August 1999,
which will create the biggest retailer in Europe and
the second largest in the world after Wal-Mart. He was
appointed the number two executive in the enlarged
group.
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