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 per cent to £2.08m 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 £2.4m 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 per cent rise in underlying annual profits to £661.2m 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 £1.4m, head of general merchandise John Dixon picking up £1.1m and executive director of multichannel, Laura Wade-Gery, earning £1.04m, according to the annual report.