Marks & Spencer chief executive Marc Bolland has been paid £500,000 on top of his salary for staying with the business, according to reports.
The Mail on Sunday reported that Bolland’s fixed payout was made on Friday - in addition to his £2.5m pay and bonuses for the year to March. The retailer also awarded Bolland with £1.3m in shares as part of compensation for leaving previous employer Morrisons.
M&S shareholders are to review the retailer’s pay arrangements and are expected to release findings next month.
Marks & Spencer posted its first dip in pre-tax profits for three years at the end of last month - reporting pre-tax profits of £694m, down 3% on last year. Reports a week later suggested that womenswear like-for-like sales plunged 19% in the seven weeks to May 19, and menswear sales fell 9%.