M&S defends £15m pay deal for new boss
SIR STUART ROSE, the outgoing executive chairman of Marks & Spencer (M&S), along with the British retailer’s board faced investor revolt yesterday over the pay package handed to incoming chief executive Marc Bolland.
With some shareholders calling his £15m deal “obscene” at its annual meeting, senior executives were left defending Bolland’s pay.
Rose, who faced the meeting for the last time, argued that Bolland’s package was linked to company performance as he tried to calm investor anger.
One shareholder told Bolland: “The only difference between you and me is I still need to do the lottery.”
Just over 16 per cent of M&S shareholders voted against the director remuneration package, while 83.8 per cent allowed it to go through.
Bolland, who joined M&S from WM Morrison 10 weeks ago, told shareholders that he thought “evolution and not revolution” would be a good way to drive the company forward.
“This is a great business in general and hats off to Stuart Rose and his team for bringing the company success from 2004 and onwards,” said Bolland.
Rose, who has handed over the day-to-day running of M&S to Bolland, is set to leave his
post as executive chairman next March.
A new chairman, said Rose, has not been found but the company was making good progress in its search.