Former Lloyds finance director Weir joins M&S
Weir will join from John Lewis Partnership where she holds a similar position and will receive a basic annual salary of £590,000 and standard benefits commensurate with her position and in line with the M&S Remuneration Policy approved by shareholders in July 2014.
No share awards are being granted in relation to her appointment. However, she will receive a one-off payment of £188,500 to compensate for the differential in contractual pension that she is forfeiting to join M&S. A further award for 2014/15 annual bonus foregone may also be taken into consideration.
Weir was finance director at Lloyds from 2004 to 2008, embracing the period when the bank acquired HBOS. She was latterly group executive director retail, but resigned in 2012 after losing out on the top job and joined John Lewis.
In January last year she apologised for her role in the misselling of insurance when she was at Lloyds. She told the Banking Standards Commission she was sorry for her part in the scandal.
Prior to joining Lloyds had spells with Kingfisher and B&Q, both as finance director. She spent her early career at Unilever and McKinsey & Co.
M&S chief executive Marc Bolland, described her as “extremely well qualified”.