Incoming Marks & Spencer chief executive Marc Bolland will be prevented from poaching executives from Morrisons for a year, it has emerged.
Bolland, who is set to join M&S on 1 May with a £15m ‘golden hello’, will be banned from recruiting executives from his former employer for 12 months – the Financial Times has reported.
Morrisons executive team has a good reputation for turning around the supermarket after a tough period following the acquisition of Safeway in 2004, and is well-regarded by investors.
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Analysts had speculated that Morrisons finance director Richard Pennycook – who missed out on the top job at the supermarket giant to Dalton Philips – could follow Bolland to M&S.
The Financial Times reports that Morrisons granted long-term incentive share packages, each worth about £550,000, to both Pennycook and Mark Gunter, group retail director, days after the appointment of Philips.
