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Ex-M&S boss Bolland pockets £622,000 bonus

Former Marks & Spencer boss Marc Bolland took home a £622,000 bonus for the financial year 2015/16, bringing his total pay package to just over £2m.

27. Marc Bolland  CEO  Marks   Spencer  1

Marc Bolland

Marc Bolland

However, his bonus has been adjusted down by 20% to reflect the company’s performance.

Across the business, including the food division, sales were up 2.4% year on year to £10.6bn for the 53 weeks to April 2, and its underlying profit before tax was up 4.3% to £689.6m.

However, its profit before tax fell 18.5% to £488.8m and M&S warned its turnaround plan could further dent profits in the short term.

Clothing and homeware sales fell by 2.9% on a like-for-like basis.

Bolland stepped down as chief executive in April and was replaced by Steve Rowe, formerly executive director for general merchandise.

Bonuses will be paid to all employees, including senior staff, as the retailer’s full-year profits exceeded the minimum target.

But the executive directors, including Rowe, declined a proposed 2% pay rise for the year in response to proposed new pay arrangements elsewhere in the UK business. The new proposals include increasing the base rate for qualified customer assistants to £8.50 an hour outside London and £9.65 for those in greater London from next April, as well as introducing pay rises for section coordinators and section managers.

M&S is also proposing to simplify its approach to premium payments for Sundays and unsociable hours, which will see it axe extra pay for Sunday shifts and introduce a flat rate for bank holidays.

The retailer is also proposing to close its UK defined benefit pension scheme for future service accrual, it has been closed to new members since 2002, and enrol current members in its defined contribution savings plan from next April.

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