Her reign at the stationer has been characterised by an unyielding focus on costs and profitability against a backdrop of falling sales at the core high street chain.
The decision to demerge the distribution arm is a logical one. Operating under its own steam, it will be free to develop its relationships with publishers and other retailers without having half an eye on how its decisions affect the WHSmith retail business.
The interesting question will be what is done with the core retail business. Some in the City are convinced WHSmith is planning to launch a bid of its own for Ottakar's and Swann did nothing yesterday to play down the suggestion. At the very least, WHSmith is planning to roll out more of its books and stationery-only stores.
The logic behind HMV bidding for Ottakar's is clear. A deal would give HMV's Waterstone's chain greater scale in the face of a bitter onslaught from the supermarkets and the internet, which is making high street bookselling difficult for everyone.
But a bid from WHSmith makes less sense. Specialist bookselling is not a market that WHSmith is in. With conditions for booksellers showing no sings of improvement, Swann may be better off thinking of other things to do with her money.
Books is one market being hit hard by the web, and another is electronics. But while WHSmith has shown little enthusiasm for the internet, DSG International seems to be embracing it with ever-more enthusiasm.
Last week, DSGi said Dixons was to become a purely online business and yesterday it agreed to buy Fotovista, a French e-tailer, for£185 million. No one can now accuse John Clare of not taking the internet threat seriously - the key test will be whether, in a world of toppy valuations, DSGi turns out to have paid the right prices for its acquisitions.
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