Marks & Spencer boss Marc Bolland misses £2.9m shares bonus

But he still earned a total pay package worth £2.1m

Marks & Spencer boss Marc Bolland missed out on a shares bonus worth a potential £2.9 million after the retailer delivered its worst annual profits for four years, but still earned a total pay package worth £2.1 million.

The group's annual report revealed rewards under a lucrative shares incentive plan were scrapped after disappointing annual results saw profits fall 6 per cent to £665.2 million - the lowest level since 2009 - amid a disastrous performance from its clothing lines.

The plan could have seen Mr Bolland land shares worth 300 per cent of his £970,000 salary. A similar long-term share plan awarded him £1.2 million last year.

He was still awarded an £829,000 cash and shares bonus although this was less than half the maximum potential amount, taking his total pay and benefits package to £2.1 million, down from £3.2 million the previous year.

Mr Bolland's pay deal has been in the spotlight after the group's recent annual results amid questions over his role at the group.

He has declined a pay rise for three years in a row since being appointed in 2010.

The chief executive recently dismissed suggestions that some investors want him to quit if he has not delivered on his turnaround plan in 12 months' time, saying such timeframes are irrelevant.

According to the report, the group's remuneration committee believed annual bonus payouts were appropriate "in the context of a challenging year for the business and the wider retail sector" and reflect progress towards achieving long-term strategic goals.

Outgoing director of marketing Steven Sharp was the next highest-paid boss below Mr Bolland, with a £1.4 million pay package after receiving a £531,000 annual bonus.

He recently announced he was stepping down to be replaced by Patrick Bousquet-Chavanne, a former Estee Lauder executive.

John Dixon - head of general merchandise, who was brought over from the successful food division - was paid £1.3 million in total, including a £546,000 bonus.

Mr Bolland has insisted his turnaround will start to bear fruit, but will take time to reverse hefty declines in clothes sales.

He said the incoming M&S autumn/winter range, which is the first developed by the new fashion team, had been well-received after being unveiled last month. It will go on sale later this summer.

PA

Start your day with The Independent, sign up for daily news emails
PROMOTED VIDEO
ebooks
ebooksA year of political gossip, levity and intrigue from the sharpest pen in Westminster
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Ashdown Group: Client Services Manager - Relationship Management - London

£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...

Recruitment Genius: Credit Controller / Customer Service

£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...

Guru Careers: In-House / Internal Recruiter

£25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...

Recruitment Genius: Tax Assistant

Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...

Day In a Page

Syria crisis: Celebrities call on David Cameron to take more refugees as one young mother tells of torture by Assad regime

Celebrities call on David Cameron to take more Syrian refugees

One young mother tells of torture by Assad regime
The enemy within: People who hear voices in their heads are being encouraged to talk back – with promising results

The enemy within

People who hear voices in their heads are being encouraged to talk back
'In Auschwitz you got used to anything'

'In Auschwitz you got used to anything'

Survivors of the Nazi concentration camp remember its horror, 70 years on
Autumn/winter menswear 2015: The uniforms that make up modern life come to the fore

Autumn/winter menswear 2015

The uniforms that make up modern life come to the fore
'I'm gay, and plan to fight military homophobia'

'I'm gay, and plan to fight military homophobia'

Army general planning to come out
Iraq invasion 2003: The bloody warnings six wise men gave to Tony Blair as he prepared to launch poorly planned campaign

What the six wise men told Tony Blair

Months before the invasion of Iraq in 2003, experts sought to warn the PM about his plans. Here, four of them recall that day
25 years of The Independent on Sunday: The stories, the writers and the changes over the last quarter of a century

25 years of The Independent on Sunday

The stories, the writers and the changes over the last quarter of a century
Homeless Veterans appeal: 'Really caring is a dangerous emotion in this kind of work'

Homeless Veterans appeal

As head of The Soldiers' Charity, Martin Rutledge has to temper compassion with realism. He tells Chris Green how his Army career prepared him
Wu-Tang Clan and The Sexual Objects offer fans a chance to own the only copies of their latest albums

Smash hit go under the hammer

It's nice to pick up a new record once in a while, but the purchasers of two latest releases can go a step further - by buying the only copy
Geeks who rocked the world: Documentary looks back at origins of the computer-games industry

The geeks who rocked the world

A new documentary looks back at origins of the computer-games industry
Belle & Sebastian interview: Stuart Murdoch reveals how the band is taking a new direction

Belle & Sebastian is taking a new direction

Twenty years ago, Belle & Sebastian was a fey indie band from Glasgow. It still is – except today, as prime mover Stuart Murdoch admits, it has a global cult following, from Hollywood to South Korea
America: Land of the free, home of the political dynasty

America: Land of the free, home of the political dynasty

These days in the US things are pretty much stuck where they are, both in politics and society at large, says Rupert Cornwell
A graphic history of US civil rights – in comic book form

A graphic history of US civil rights – in comic book form

A veteran of the Fifties campaigns is inspiring a new generation of activists
Winston Churchill: the enigma of a British hero

Winston Churchill: the enigma of a British hero

A C Benson called him 'a horrid little fellow', George Orwell would have shot him, but what a giant he seems now, says DJ Taylor
Growing mussels: Precious freshwater shellfish are thriving in a unique green project

Growing mussels

Precious freshwater shellfish are thriving in a unique green project