Lord Terry Burns is to replace Paul Myners as chairman of UK retailer Marks & Spencer. Myners, who played a key role in seeing off a £9.1bn (€13.2bn) attempted takeover by retail entrepreneur Philip Green last summer, will go in July next year.

The appointment of Burns follows a boardroom rift between Paul Myners and M&S non-executive director Kevin Lomax over whether Myners should remain as chairman of the group.