Marc Bolland will start his role as chief executive at Marks & Spencer from May 1.
In a Stock Exchange statement today, it was announced that Bolland will cease to be a director of grocer Morrisons, where he was chief executive, on April 30. He has been released six months early from his 12-month contractual agreement.
The appointment of Bolland as chief executive at Marks & Spencer was announced in November.
M&S said Bolland will receive a £975,000 salary, annual bonus potential of up to 250% of salary, and an annual award of shares under the company’s Performance Share Plan. In 2010/11 this will be an exceptional award worth 400% of salary.
M&S will also compensate Bolland in lieu of a number of awards forfeited by his departure from Morrisons. This comprises £1.6m in cash and £1m worth of shares to compensate for loss of bonus and shares in 2010; and a Restricted Share Award worth £1m and a Performance Share Plan worth £3.9m to compensate for shares that would have vested in 2011 and 2012.