M&S chief sees pay rise by 32%
News by Simon Neville
The chief executive of Marks & Spencer, Marc Bolland, watched his pay package soar by 32 percent in a year when the retailer finally managed to increase its profits for the first time in four years.
The company published its annual accounts on Thursday, showing that Bolland pocketed £2.08m in the 12 months to March. Seven-figure pay deals were awarded to other senior M&S executives including the food boss Steve Rowe, the general merchandise chief John Dixon and the multi-channel head Laura Wade-Gery.
By comparison, shop floor staff saw pay rises of only 2 percent in a year when pre-tax profits rose by 6 percent to £661.2m.
Bolland’s pay consisted of a £975 000 basic salary and a £596 000 cash bonus for hitting profits targets. Rowe’s pay jumped by 80 percent to £1.14m, Dixon’s rose by 17 percent to £1.1m and Wade-Gery’s hit £1.04m – up 17 percent.
Meanwhile, Sainsbury’s annual report revealed that the company’s chief executive, Mike Coupe, took home less pay in a year when the supermarket reported falling sales and a pre-tax loss for the first time in a decade.
Coupe’s package fell from £1.9m last year, when he was commercial director, to just £1.5m this year after a brutal price war between supermarkets hit profits across the sector.
Missed sales and profits targets meant he did not get his annual bonus on top of his £900 000 salary, but he did cash in £458 000 in deferred shares and received a pension contribution of £231 000.
The chief financial officer, John Rogers, also saw his pay fall from £1.7m to £1.05m.