M&S to face shareholder grilling over cyber attack recovery

cityam

Jul 06

M&S shareholders will want evidence of "decisive action" on cyber security Marks and Spencer is set to take a grilling from shareholders over whether it has made a meaningful recovery from the cyber ...

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shareholders will want evidence of \"decisive action\" on cyber security Marks and Spencer is set to take a grilling from shareholders over whether it has made a meaningful recovery from the cyber ...</p>\n\n<a href=\"https://www.cityam.com/ms-to-face-shareholder-grilling-over-cyber-attack-recovery/\">Source Link</a>\n\n</div>\n","source":"cityam_highlight","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>M&S to face shareholder grilling over cyber attack recovery</title>\n<style 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from the cyber ...</p>\n\n<a href=\"https://www.cityam.com/ms-to-face-shareholder-grilling-over-cyber-attack-recovery/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"WCBR","symbol_name":"WisdomTree Cybersecurity Fund","start_time":0,"source_url":"https://www.cityam.com/ms-to-face-shareholder-grilling-over-cyber-attack-recovery/","article_id":"2649620721","we_media_id":null,"thumbnails":["https://www.cityam.com/wp-content/uploads/2023/05/marks-and-spencer-m-1281264926.jpeg?w=824&h=463&crop=1"],"rights":{"source":"cityam_highlight","url":"https://www.cityam.com/ms-to-face-shareholder-grilling-over-cyber-attack-recovery/","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2649620721","pubTimestamp":1783351083,"columns":[],"sourceInfo":{"source_id":"cityam_highlight","name":"cityam"},"weMediaInfo":null,"summary":"M&S shareholders will want evidence of \"decisive action\" on cyber security Marks and Spencer is set to take a grilling from shareholders over whether it has made a meaningful recovery from the cyber attack which wiped out nearly a third of its profit.The FTSE 100 retailer will face investors at its annual general meeting on Tuesday, where it will expect to be quizzed on whether it has fixed the foundations of its fashion arm, and whether its grocery business can maintain its rapid growth.The company was hit by a cyber attack in April last year which shut down its website for 12 weeks and left some shelves empty.Chairman Archie Norman described the incident as “traumatic” and the firm revealed in May that it chose to slash bonuses for every single member of staff in a bid to shore up its finances.","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"WCBR":"WisdomTree Cybersecurity Fund","UCYB":"ProShares Ultra Nasdaq Cybersecurity ETF","PSWD":"XTRACKERS CYBERSECURITY SELECT EQUITY ETF"},"translate_title":"玛莎百货将因网络攻击恢复而面临股东质询","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"WCBR":1.5,"UCYB":1.5,"PSWD":1.5},"content_text":"M&S shareholders will want evidence of \"decisive action\" on cyber security Marks and Spencer is set to take a grilling from shareholders over whether it has made a meaningful recovery from the cyber attack which wiped out nearly a third of its profit.The FTSE 100 retailer will face investors at its annual general meeting on Tuesday, where it will expect to be quizzed on whether it has fixed the foundations of its fashion arm, and whether its grocery business can maintain its rapid growth.The company was hit by a cyber attack in April last year which shut down its website for 12 weeks and left some shelves empty. Chairman Archie Norman described the incident as “traumatic” and the firm revealed in May that it chose to slash bonuses for every single member of staff in a bid to shore up its finances.\n\nM&S saw its profit slump by 29 per cent to £365m in the year to March despite growing revenue, as it took a £131m hit from the incident. \n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nBoard ‘to face scrutiny’ over cyber attackThe retailer’s chief executive Stuart Machin told The Times earlier this year that the company’s board will suspend bonuses for each of its 63,000 staff, including himself and Norman.Machin said the decision was taken in the wake of the 2025 cyber attack which crashed the retailer’s website for 12 weeks and left some shelves empty.Stuart Machin’s pay was slashed in 2025“I was part of this decision and I think it’s the right one. It does not, however, take away from the fact that everyone worked harder than ever during a very challenging period and I am very grateful to them for doing so,” the chief executive said.\n\nDuncan Ferris, an analyst at investment platform Freetrade, told City AM that the retailer’s top brass will be expected to demonstrate that lessons have been learned and that the business has strengthened resilience against future hacks.“It’s fair to say the executive team may face scrutiny,” he said. The inclusion of board members in the freeze on bonuses shows “some contrition,” he added, but investors “will want to know this accountability has been paired with decisive action”.Announcing the firm’s full year results in May, Machin said his company had endured a “year of two halves,” in which the retailer got back on its feet during the closing months of its reporting period.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}