Sir Stuart Rose turned on the charm yesterday and called for “sense to prevail” as the embattled Marks & Spencer chief executive took centre stage for the first time since the row over his future erupted nearly four weeks ago.

In a speech at a London hotel, he moved to win over doubting shareholders by saying they would benefit from his controversial promotion to executive chairman this summer. He rushed to the defence of the M&S board - “they're not muppets” - and said he would be more than ready to go when a successor was ready. He insisted that he was not on a power kick. “I do not, as I read this morning, want to be crowned king of M&S,” he said.

The comments came as Brandes, Marks & Spencer's largest shareholder, became the second institution to give a public show of support to the planned boardroom overhaul at the high street retailer.

Amelia Morris, director of investments at Brandes, said: “We are pleased that the board has retained Stuart in the business for another three years with a structure that creates the flexibility for the succession and which will revert to separate chairman and chief executive after that time.”

Her support is the latest sign that the fury over Sir Stuart's new role, which is counter to corporate governance best practice, is fading after a detailed explanation of the rationale behind the move from M&S on Thursday.

Sir Stuart, speaking at a breakfast meeting of the British ORT, a Jewish educational and vocational organisation, reiterated that he had wanted to leave in 2009, after five years as chief executive. However, he added that his new role, which will keep him at the retailer until 2011, was the best short-term solution for M&S.

He said that the problem with recruiting an external candidate to replace him was that M&S may have had to wait six months while the person was placed on gardening leave.

Sir Stuart added: “They would then want to review strategy so you could have ten months of nothing happening in the business at a time of economic turmoil. So why then am I moving to the role of executive chairman? I have been very hands on, chief cook and bottle washer in the business for a while. Think of it as a chef in a fine restaurant. I've been the executive chef, I'm now going to let someone else cook the dinner, but I'll still be making sure you like the dinner when you get it.”

He added that he was convinced an internal candidate would come through. He said: “The board believes it has made the right decision. When someone else comes along I'll be ready to go. It's the right decision for the business and I hope sense will prevail.”

He added: “It's very unfair to Lord Burns [the outgoing M&S chairman] and the board to suggest they were sitting on their backsides and doing nothing about the succession issue. The board considered it for a much longer time than it has been given credit for.”

Brandes's public support follows that pledged by Invesco Perpetual, another large M&S instutional shareholder, on Thursday.

Another shareholder yesterday said the concessions made by M&S on Thursday, including a compromise deal on the £450,000 payoff for Lord Burns, would probably win over most rebels. A source told The Times: “The concessions that have been made are probably enough for people to let it go.”

What they said . . .

‘I don’t, as I read this morning, want to be crowned king of M&S’ ‘When someone else comes along I’ll be ready to go. It’s the right decision for the business. I hope sense will prevail’

– Sir Stuart Rose

‘We are pleased that the board has retained Stuart for another three years with a structure that creates the flexibility for succession’

– Amelia Morris, Brandes

Times Recommends

• Brown targets fat cats after nationalising banks
• US shares soar on global banking rescue
• Europe follows Brown to head off meltdown