Luc out OBSERVER
Financial Times – 21 January 2003
Is anybody else about to join the lengthening queue at the Safeway's check-out? What about Lucky Luc Vandevelde, the Marks and Spencer chairman who's just gone non-executive to spend time on Change Capital Partners, a private equity fund?
The perfect man in the perfect vehicle, surely. Vandevelde has a good M&S record and food industry experience - years at Kraft followed by time spent running French supermarkets.
As for his backers, the Halley family made their fortune selling the Promode s supermarket chain to arch-rival Carrefour in 1999.
But Vandevelde's timing has let him down for once, say friends. The pace of change has not been quick enough and it's too early for distractions.
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