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Bonus for top M&S staff following profit turnaround

Marks & Spencer’s chief executive Marc Bolland will receive a £596,000 annual bonus this year after the retailer met its minimum profit target.

Bolland and his top executive team will receive between 36% and 124% of their salaries.

Executive director for general merchandise John Dixon will take home a bonus of £217,000, while Steve Rowe, executive director of the retailer’s strongly performing food business, gets the highest payout of £653,000.

The bonus was withheld last year after the retailer’s underlying pre-tax profit fell 3.9%, but it has since reported a 6.1% increase to £661.2m for the year to March 31, 2015. The minimum profit target was £650m.

However, as previously reported, the senior team will receive incentive scheme shares worth just 4.7% of their maximum value this year after the retailer missed its revenue targets.

Pension payments remain flat at 30% of salary for Bolland and 25% for his fellow executives.

Bolland has refused a salary increase for the fifth year running, while his fellow executive directors will receive a 3% uplift from July 1. Bolland’s salary for 2014-15 is therefore £975,000.

As a result, his total pay and benefits package for 2014-15 amounts to £2.1m, up from £1.6m the year before.

Dixon will receive £1.1m, up from £939,000. This includes a salary of £600,000.

M&S will pay a final dividend of 11.6p this year, taking the total to 18p – up 5.9% on last year. It will also hand £150m to investors through a share buyback programme.

@KirstyMcGregor

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