M&S chief pockets £596k bonus after profits boost
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 Bolland’s total pay up 32 per cent to £2.08 million for the year to 28 March, 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.
He is 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.
The chief executive – who has been leading M&S since 2010 – missed out on a bonus in the previous financial year, as did the firm’s senior directors and workforce after a profits tumble.