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Bosses line up at retailer
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November 9, 1998: 7:07 a.m. ET
Fierce battle underway for top job at U.K.'s Marks & Spencer
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LONDON (CNNfn) - An undignified battle is taking place in the bid to position the next head of the U.K.'s leading retailer, Marks & Spencer.
Current boss Sir Richard Greenbury has the dual role of chairman and chief executive, but he is expected to split those jobs next year.
Famously combative, he once appeared at a parliamentary committee wearing a pinafore, to show he was not afraid of "the heat of the kitchen."
His heir apparent has been Keith Oates, deputy chairman, although recently joint managing director Peter Salsbury seemed to have edged ahead in the race.
Analysts now talk of open competition for the top job, exaggerated by the sharp drop in earnings Marks reported last week.
Monday's Financial Times reports that Oates has suggested a "dream team" of himself as chairman with rival Salsbury as chief executive. That would mean Greenbury stepping down from the board much earlier than expected.
The newspaper says it is doubtful that he would be prepared to go.
Marks' six non-executive directors, all appointed by Greenbury, will have to decide on who becomes the next top man. The non-execs include several financial bigwigs and Stella Rimmington, the former head of MI5, the spycatching unit of the U.K.'s Secret Service.
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Marks & Spencer
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