M&S chooses insider Peter Salsbury as chief executive

Marks and Spencer yesterday named M&S career man Mr Peter Salsbury as chief executive, suggesting that chairman Sir Richard Greenbury had triumphed in a boardroom fight over leadership of the group. But the choice of an insider, who has been with M&S for 28 years, received a lukewarm reception from investors, who had been looking for new blood, possibly from outside the company. M&S shares sagged, losing 24.5p sterling to 421p, down 5 per cent.