M&S chairman Stuart Rose doubles pay deal
OUTGOING Marks & Spencer boss Sir Stuart Rose landed £4.3million in pay and bonuses last year, more than double the previous year.
The chairman and chief executive enjoyed a 47 per cent rise in his pay and bonus package to £2.6million, including £1.1million basic pay and £1.1million cash bonus. His total earnings were lifted by £1.7million of deferred shares.
Rose is currently working on a three-month handover to new chief executive Marc Bolland after which Rose will become part-time chairman and his basic pay will fall to £875,000.
Rose also holds shares in M&S worth more than £4million at yesterday’s price of 343p. Other high-earning directors include Kate Bostock, head of clothing, who received £2.2million in pay and bonuses, and marketing director Steven Sharp, who got £2.3million.
M&S said it set highly demanding targets. Last year profits rose 4.6 per cent to £632million, after falling 40 per cent in the previous year.
Former Morrisons chief Bolland is on a package worth up to £15million.