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M&S chief Marc Bolland to refuse pay rise

Marks & Spencer chief executive Marc Bolland will ask for his pay to be frozen again in 2016 - the fifth consecutive year he has done so.

This would mean his pay is more in line with his performance, Bolland said.

It comes as M&S reported like-for-like general merchandise sales fell 1.2% for the 26 weeks to September 26 due to “unseasonal conditions” and less discounting at the retailer.

Bolland’s pay for the next financial year will be negotiated in January. 

He said Mark and Neal Lindsey, who are credited for transforming the retailer’s supply chain, will be rewarded for performance but declined to confirm by how much.

He also insisted that he intends to continue as chief executive of M&S.

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