Marks and Spencer chief executive Mark Bolland received a £13.8m golden hello over the last year as former boss Sir Stuart Rose was waved off with a £8.1m pay-out.
Bolland, former Morrisons chief executive, who joined Marks & Spencer in May last year took home £4.4m in pay, which includes compensation for bonuses he would have netted at the grocer and a relocation payment, and is also in line to collect £9.4m in shares.
Rose collected £2.8m in pay and a further £5.3m in cash and shares.
The hefty payments, revealed in the retailer’s annual report, are likely to anger shareholders who have had several run-ins with the Marks & Spencer board over pay.
The retailer is thought to be planning a shake-up of its executive pay plan which is expected to link remuneration more closely to the strategic blueprint set out by Bolland.
The report also revealed that Marks & Spencer’s new multi-channel guru, former Tesco Direct chief executive Laura Wade-Geary received a golden hello of more than £4m.