Investors in Marks and Spencer (M&S) yesterday said the struggling UK retail group would be vulnerable to takeover if it did not pick the right candidate to replace outgoing chairman Mr Luc Vandevelde.

As M&S confirmed that Mr Vandevelde would leave to concentrate on his other interests, leading shareholders insisted the group needed to find a figure with strong retail credentials rather than a City grandee.

The two most frequently mentioned were Mr Archie Norman, the Conservative MP and former Asda chairman, and Mr Stuart Rose, who sold Arcadia to Philip Green.

The comments from investors come after signals from M&S that it will look for an experienced chairman, rather than a retailer to fill the top slot.

Mr Vandevelde, who joined M&S in January 2000, came under pressure to leave after adding to his M&S role the chairmanship of Change Capital, a private equity fund; the non-executive directorship of Vodafone; and a board seat at Carrefour, the French hypermarket group.