Shareholder groups that police companies on their governance standards have reacted warily to the news of Sir Stuart Rose's elevation to executive chairman of UK retailer Marks & Spencer. One of the group's largest shareholders has also called the move "unwelcome".

Marks & Spencer today said that following Lord Burns' retirement as chairman on June 1, the company's current chief executive, Stuart Rose, will step up. He will stay in that role until July 2011, when he will retire.