If I were a shareholder in Marks & Spencer, I would be quite miffed at how little Marc Bolland, its new chief executive on a £15 million reward package, had to say for himself at the results presentation this week.
It was, of course, Sir Stuart Rose's swansong so he got to answer the usual questions about Jeremy Paxman's underwear and the number of prawns in a sandwich. He even discussed profits and was cautious on outlook.
Even so, Bolland's performance was distinctly underwhelming. He told us: "M&S is a great business. It has a great brand and great staff. The second thing that I cherish is the heritage of the company and its values."
Well stone me. I didn't know any of those things. I hope Bolland told the headhunters and M&S nomination committee rather more than that when he was interviewed by them.
Bolland, who began work three weeks ago, said he wants to assess the business before he announces any changes he wants to make in November.
That's six months into the job and a year after his appointment was first announced. It's not as if he started from a position of no knowledge. At Morrisons he would have known Marks as one of his main rivals in the grocery world.
What would be the reaction of football fans if their mid-table premiership side appointed a new manager over the summer and he then announced he would not make known any changes to the side or its tactics until halfway through the season — around Christmas? Probably something unprintable.
Bolland should expect some jeering from the terraces until he reveals his masterplan in November. Particularly if the share price continues falling.
