Marks & Spencer’s senior execs collect first bonus in two years
MARKS & Spencer chief executive Marc Bolland has pocketed a bonus for the first time in two years after the high street retailer reported its first rise in annual profits in four years last month.
The Dutchman, who joined M&S in 2010, received a £596,000 bonus on top of a basic salary of £975,000, taking his total pay package to £2.1m, M&S’s annual report shows.
Last year Bolland and all 80,000 staff had to forgo a bonus after M&S failed to hit performance targets. The year before he received a bonus of £829,000.
Steve Rowe, executive director of M&S’s fast-growing food division has received a larger bonus than Bolland at £653,000, giving him a total package worth £1.4m.
In contrast John Dixon, who was brought over from food to head up the ailing general merchandise division two years ago, received £217,00 on top of his £600,000 salary.
Staff will also receive a cash bonus, however the details are not disclosed by M&S.