Marks & Spencer reward package for new CEO totals £8.5m

Marks & Spencer has agreed to pay its new boss £8.5m for his first year in the job.

The high street retailer extended a £15m welcome to its new chief executive Marc Bolland, after he was released from the supermarket chain Wm Morrison.

On top of a £975,000 salary, Bolland could earn annual bonuses and exceptional awards of up to £6.3m. M&S has also agreed to compensate him for forsaking Morrisons performance rewards by granting him £7.5m in shares and cash.

Bolland’s pay does not rely on a long-term turnaround of the fashion and food chain, so even if he fails to earn his performance-related bonus, he will still be in line to receive a £13.5m package, the Times has reported.

Bolland will start work at M&S on 1 May.

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