M&S boss Marc Bolland handed bumper bonus
- Credit: PA
Marks & Spencer boss Marc Bolland has seen his total pay package jump by nearly a third after landing a £596,000 bonus for delivering the retailer's first annual profits increase for four years.
The firm's annual report showed the bonus helped push Mr Bolland's total pay up 32% to £2.08 million for the year to March 28, while he also picked up £193,000 worth of shares under a long-term performance plan - on top of a £975,000 annual salary, pensions and benefits.
Mr Bolland is also in line for a further potential £2.4 million worth of shares under a long-term performance plan awarded this financial year, due to pay out in 2017 if targets are met.
Mr Bolland - who has been leading M&S since 2010 - missed out on an annual bonus in the previous financial year, as did the group's senior directors and 80,000 workforce after a profits tumble.
But the group's turnaround under Mr Bolland has finally started bearing fruit, with full-year results last month showing a better-than-expected 6.2% rise in underlying annual profits to £661.2 million thanks to better fashion ranges and strong food sales.
Three other senior executives also secured seven figure pay packages, with head of food Steve Rowe paid £1.4 million, head of general merchandise John Dixon picking up £1.1 million and executive director of multichannel, Laura Wade-Gery, earning £1.04 million, according to the annual report.
They were all awarded annual bonuses as well, while M&S confirmed eligible shop floor staff are also being paid bonuses after the past year's performance.
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But while other senior directors will see their salaries increase by an average of 3% from next month, Mr Bolland has declined a pay rise for the fifth year in a row.
M&S has seen its share price surge by 28% over the past year after efforts to overhaul the business have started turning around its fortune.
Under Mr Bolland's leadership, M&S has poured billions of pounds of investment into the business, while clearing out its top fashion team, and recruiting celebrities for high-profile marketing campaigns.