Mega deal for high street chain's boss

M&S boss Bolland gets 32% pay and bonus rise after profits uplift

Marc BollandMarks & Spencer chief executive Marc Bolland has been rewarded with a huge leap in his pay package after delivering the company’s first profits increase for four years.

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%.

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