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M&S boss walks away with £2.6m pay packet

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·Finance Reporter, Yahoo Finance UK
·2-min read
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M&S Steve Rowe, CEO of Marks and Spencer, poses for a photograph at the company head office in London, Britain, November 30, 2016. REUTERS/Toby Melville
M&S swung to a profit in the final year of Steve Rowe’s leadership. Photo: Toby Melville/Reuters

Former M&S (MKS.L) boss Steve Rowe saw his pay packet for the last year more than double to £2.6m amid a cost of living crisis for UK households.

Rowe, who stepped down as chief executive last month, saw pay and bonuses jump from just over £1m in the previous financial year.

He received a salary of £841,000 for the year to April 2 but saw his total pay deal lifted heavily by £1.6m with bonuses alongside other benefits.

Meanwhile, chief finance officer Eoin Tonge received a £1.85m package for the year, representing a slight decrease on the previous financial year.

Read more: Online car seller Cazoo to slash 750 jobs

It comes shortly after the bosses of Tesco (TSCO.L) and Sainsbury’s (SBRY.L) also witnessed large jumps in their total pay deals despite the volatile economic backdrop.

M&S also confirmed that the new top three bosses at the business are in line for around £15m between them if they meet bonus targets.

During his six years leading the business, Rowe was tasked with reversing the fortunes of the company’s declining clothing and home business as well as shaking up its store portfolio, leading to high street closures and staff redundancies.

He led the company to a pre-tax profit of £391.7m for the year as it continued its lengthy turnaround.

Rowe handed over leadership of the chain to Stuart Machin and Katie Bickerstaffe last month, but will continue to advise the new leadership team in the short term.

Read more: UK shop prices to rise as retail inflation hits highest since 2011

CEO Stuart Machin will receive an annual salary of £800,000 and co-CEO Katie Bickerstaffe, who is working four days a week, will receive £750,000, the company said.

In April, Marks & Spencer increased the basic rate of pay for 40,000 store workers, ensuring its base rate of pay is ahead of both national and real living wage including across London.

Watch: How does inflation affect interest rates?

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