New M&S boss's pay 'to be 40% less'

ROBERT Swannell, who is this week expected to be confirmed as the next chairman of Marks & Spencer, is believed to have been offered 40 per cent less pay than Sir Stuart Rose.

Swannell, the former vice-chairman of Citigroup, is understood to have been offered a package of about 500,000, compared with current chairman Rose's 875,000 salary. A spokesman for M&S declined to comment.