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Article: Poor marks.(Sir Richard Greenbury of Marks and Spencer involved in power struggle)(Brief Article)
- Article from:
- The Economist (US)
- Article date:
- November 21, 1998
CopyrightCOPYRIGHT 1998 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Sir Richard Greenbury, the chairman and chief executive of Marks and Spencer, has discovered how much corporate governance matters when things go wrong
AS BRITISH institutions go, Marks and Spencer is almost as venerated as the royal family. It supplies Britons with a quarter of their suits, almost all their bras and a third of their sandwiches. In recent years the clothing chain has burrowed into the nation's psyche by introducing a country raised on soggy veg to such delicacies as smoked salmon stuffed with trout mousse. Investors have been impressed. The firm's shares have long been as safe a buy as its clothes, outperforming the market for the past 30 years. ...