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MARKS AND SPENCER SPARKS £15M PAY FURY

ABOVE: Incoming M&S chief executive Marc Bolland could earn nearly £15million in his first year

2nd February 2010

By Daily Star Reporter

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MARKS & Spencer walked into a new row yesterday after it emerged incoming chief executive Marc Bolland could earn nearly £15million in his first year.

The sum includes a £3.9m “golden hello” in the form of a guaranteed bonus in M&S shares and a further £7.5m package to compensate Bolland for missed bonuses from supermarket Morrisons, where he was the boss.

The compensation package includes cash of £1.6m, with the rest in shares.

Bolland’s salary will be £975,000 a year, up from the £850,000 he made at Morrisons, and is in line for a cash and shares bonus worth up to £2.4375m annually if he hits targets based on underlying earnings.

He will also receive further share awards based on performance. The package drew instant fire from corporate governance groups.

A spokesman for specialist adviser Pirc said: “We are opposed to this sort of golden hello. It distorts the markets for executives. This is a bad start for the new regime at M&S.”

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