New M&S exec worth £8.5mTuesday, 02 February 2010
The new boss of Marks and Spencer, Marc Bolland, will receive nearly £8.5m in salary and compensation awards when he joins the retailer on 1 May.
Marc Bolland, former chief executive of Morrisons, was released six months early from a 12 month contract with the supermarket to join M&S.
He will receive a basic salary of £975,000, the retailer said. He will also pick up cash and shares totalling £7.5m in lieu of payments he would have received at Morrisons.
His basic pay is less than the £1.13m current M&S chief executive Sir Stuart Rose earns. He will also have the opportunity to earn a further £6.3m a year in cash and shares, made up of an annual bonus, potentially worth 250 per cent of salary, and an "exceptional" long-term incentive award worth 400 per cent of salary in his first year.