M&S boss in line for �2.8m bonus payout

MARKS & Spencer yesterday revealed that outgoing boss Sir Stuart Rose has landed a bumper �2.8million bonus for returning the group to annual profits growth.

THE boss of Marks & Spencer has qualfied for a �2.8million bonus payout for returning the group to annual profits growth.

The retail giant’s annual report, published today, reveals that M&S is making the maximum possible payment to its top executives under the profit-related element of its annual bonus plan.

For executive chairman Sir Stuart Rose, who has a home in Suffolk, the payout will include a �2.5m cash bonus before he leaves the group next March.

He is currently in the middle of a three-month handover to new chief executive Marc Bolland, formerly with supermarket group Morrisons, after which he will become non-executive chairman, with his basic pay falling from �1.2m to �875,000.

M&S recently announced a 4.6% increase in profits to �632.5m for the year to March, compared with a 40% fall in earnings for the previous year.

The group’s annual report reveals that Sir Stuart received nearly 250% of his current salary as a bonus for last year’s, of which �1.13m was paid in cash and the remainder as deferred shares.