Sir Stuart Rose, the outgoing boss of Marks & Spencer, scooped £4.3m in pay and bonuses last year – more than doubling his earnings from the previous 12 months.
He was handed a bonus of £2.8m when M&S delivered a 5% increase in profits – contributing to an increase in Sir Stuart’s pay of 140%.
Other members of the retailer’s board were also rewarded with large bonuses.
Kate Bostock, the clothing and homewares director, pocketed a basic salary of £549,000 as well as a bonus of £1.4m and further payments of more than £300,000.
Marketing director Steven Sharp was handed a basic salary of £614,000 with a £1.5m bonus on top.
News of the salaries comes after M&S shareholders voiced their discontent at the hefty pay packet given to new chief executive Marc Bolland. The former Morrisons boss is in line to earn up to £15m in his first year in charge of the high street icon.
M&S presses on with ‘bigger, bolder’ Plan A (10 June 2010)
Rose hails M&S ‘resilience’ as annual profits climb (25 May 2010)
M&S renews green commitments as Rose pay comes under fire (1 March 2010)
Backlash over Bolland’s £15m golden hello (2 February 2010)