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M&S bosses miss out on bonuses

Marks & Spencer chairman Sir Stuart Rose and other senior management at the business missed out on pay rises and bonuses last year, after pre-tax profits at the retailer dived 40%.

Bonus and pay rise targets for the current year have also been “stretched”, according to the company’s annual report, making it more difficult for senior management to receive a bonus.

The report said that the economic downturn had impacted decisions on bonuses and pay rises, and that they would continue to be based on “pay for performance”.

Rose received £1.76 million last year, an increase on the £1.37m from the previous year, but this was due to performance related share plan for the period between 2005 and 2008.

 

 

 

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