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M&S boss Rowe paid £1.6m despite fall in profits

Marks & Spencer boss Steve Rowe was paid £1.6m for the year to 30 April, despite a 64% fall in annual pre-tax profits to £176.4m at the retailer.

As part of his entire pay package, Rowe took home a £809,000 basic salary and a £599,000 bonus, The Telegraph reported.

All M&S executives were offered a 2% pay rise, but they turned it down.

In his first year as CEO at the retailer Rowe’s pay was less than that of his predecessor, Marc Bolland, who was paid £2.04m in his final year at the company.

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