Sir Stuart Rose faces yet more criticism as analysts and Marks & Spencer investors raised concerns over the salary he will receive when he moves to a non-executive position in July.
Rose will take a 25% pay cut to £875,000 which shareholders have pointed out is still well in excess of the salaries of other chairmen who head up much larger companies.
One shareholder told the Financial Times: “As the part-time chairman of a domestic retailer that is quite a sum.” Shareholders said they do not understand why he will still earn such a sizable salary when he will be doing less work.
The chairman of grocer Tesco David Reid has an annual salary of £657,000.
Relations between Rose and M&S investors have been fraught since Rose took the dual role of chairman and chief executive in 2008.
Investors were also critical of the £15m ‘golden hello’ that Marc Bolland, the former chief executive of grocer Morrisons, will receive when he takes up the role of chief executive in May.
A search has now begun for a replacement for Rose who will stand down from the retailer next March.