M&S names new non-executive director from Permira

By

Nigel TAYLOR

Published
Feb 27, 2023

M&S has announced a major addition to its board. Cheryl Potter, former head of the global consumer team at Permira, is joining with the UK retail giant’s chairman Archie Norman calling her a “superstar of the private equity world”.

She will join as a Non-Executive Director effective 1 March and will also sit on the retailer’s Nomination Committee at the same time.

During Potter’s 20-year career at Permira she built a “highly successful track record as an investor and steward of portfolio companies, working with management teams to build better businesses”. She has also served on the boards of scale retail and consumer facing brands, including Dr Martens.

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Norman added: “She brings enormous energy, passion and a strong shareholder value focus to the board, as well as a great track record as a role model and advocate of women in leadership.”

Potter’s appointment underpins M&S’s growing reputation in the City as it strengthens its position with the brand targeting a return to the FTSE 100 after having been relegated to the FTSE 250 in its darker days of 2019 when the retailer was struggling to reinvent itself.

In January, M&S turned in what it called a “strong” performance for the Christmas quarter with the 13 weeks to 31 December seeing total group sales up 9.9% at £3.6 billion. Its UK Clothing & Home division saw an 8.8% rise to £1.179 billion with like-for-like sales 8.6% ahead.