Marks & Spencer (MAKSY) stock gained on Friday morning after it appointed a new chairman, the second key hire in a turnaround plan this week, sending shares to their highest point in almost a year.
M&S, as the retailer is commonly known, shares were marked 5.49% higher on Friday at 11:00 BST, changing hands at 377.13 pence. Shares are up 10.88% over the past three months outpacing a 6.71% gain by the FTSE 350 General Retailers Index.
M&S Friday said Archie Norman would take up the position of non-executive director from Sept. 1, replacing Robert Swannell.
Norman has held directorships at a number of British retailers including Kingfisher (KGFHY) and Walmart's (WMT - Get Report) Asda, where he was chairman for three years. He was also chairman of television channel ITV.
"I am looking forward to taking on the role of the Chairmanship of Marks & Spencer as the business under Steve Rowe's leadership faces into the considerable challenges ahead in a rapidly changing retail landscape," Norman said.
The appointment comes days after M&S poached the CEO of cycling and car retailer Halfords (HLFDY) in a bid to reinvigorate its clothing division.
Jill McDonald will join the food, clothing and home retailer known as M&S as Managing Director of Clothing, Home and Beauty, as the retailer restructures its store portfolio.
M&S in late April said it would open 34 new Food stores, and two new Clothing, Home and Food stores. It would also consult on the closure of six stores.
The move comes after full review of its U.K. store portfolio in November, which resulted in a clear move towards food. "The plans will improve the M&S store estate to better meet customer needs and include opening 200 new Food-only stores and selling Clothing and Home from 60 fewer locations," the company said. "The result will be more, conveniently located M&S stores but fewer, more inspirational Clothing and Home stores that offer customers better ranging and availability."