Chief executive of Marks and Spencer Steve Rowe pay packet fell by almost a third last year
Rowe’s total pay fell to £1.12million from £1.64million the previous year, when he was awarded a £599,000 bonus.
The M&S board also decided to halt annual bonuses and salary increases for all of its top bosses – including Rowe – after the retailer’s plunge in annual profits meant in-store staff would not qualify for payouts.
The retailer’s annual pre-tax profit fell by 62.1 per cent to £66.8million as it took a £321.1million charge for a store closure programme.
Executive bonuses are awarded based on a combination of profit and performance, but the remuneration committee “decided to exercise its discretion that no payment would be made to any director”.
Last month, the company confirmed plans to speed up its shop closures by setting a new target of 100 branches – which came about after adding 14 clothing & home stores to the list – to close by 2022.