Mega deal for high street chain's boss
M&S boss Bolland gets 32% pay and bonus rise after profits uplift
Dutchman Bolland, whose position has been closely scrutinised after successive years of failing to hit targets, will receive a£596,000 bonus as part of a remuneration deal that will see his total pay rise by 32% to £2.08 million.
His basic salary, pension, car allowance and other benefits is worth £975,000 and he is being handed £193,000 of shares under the company’s long-term incentive plan.
Mr Bolland – who has been in charge at M&S since 2010 – did not receive a bonus in the previous financial year after profits fell.
Steve Rowe, head of food, receives £1.4 million (up 80%), clothing boss John Dixon takes a 17% rise to £1.1 million, and Laura Wade-Gery, head of multi channel retailing, pockets £1.04 million.
Critics say the pay deals are excessive given that total sales in the year rose just 0.4% with clothing down 2.5%.