With the business continuing to enjoy many positives, there’s little surprise M&S has agreed to extend Archie Norman’s tenure as chairman, “for the next phase of the ‘reshaping of M&S’ growth strategy”.

Norman, who began as chairman in 2017, will reach the ‘comply or explain’ nine-year point in 11 months’ time. So the agreed extension comes after “extensive consultation with shareholders, executives, and advisers”.

It was rubber stamped by the board, which said it was “unanimous in its conviction that his continuation as chairman is in the best interests of the company and there is widespread support for this view across the shareholder base”.

His leadership as part of M&S’s rapidly changing business continues as the firm, with its recently strengthened executive team, noted “there is a long way to go in delivering the Reshaping for Growth strategy and the company will benefit from the continued strong leadership and stability Archie’s Chairmanship will bring”.

The extension of his term is expected to last for three years from next September. The appointment will be put to annual shareholder approval at the AGM.

Senior independent director Fiona Dawson said: “Archie has been an exceptional chair, steering an effective, engaged board and putting in place a highly capable leadership team under Stuart Machin, which is transforming M&S and building a stronger, better business.

“There remains much to do, and Archie’s deep knowledge of the business, drive and unique experience will be invaluable as we move to the next phase”.