Calendar An icon of a desk calendar. Cancel An icon of a circle with a diagonal line across. Caret An icon of a block arrow pointing to the right. Email An icon of a paper envelope. Facebook An icon of the Facebook "f" mark. Google An icon of the Google "G" mark. Linked In An icon of the Linked In "in" mark. Logout An icon representing logout. Profile An icon that resembles human head and shoulders. Telephone An icon of a traditional telephone receiver. Tick An icon of a tick mark. Is Public An icon of a human eye and eyelashes. Is Not Public An icon of a human eye and eyelashes with a diagonal line through it. Pause Icon A two-lined pause icon for stopping interactions. Quote Mark A opening quote mark. Quote Mark A closing quote mark. Arrow An icon of an arrow. Folder An icon of a paper folder. Breaking An icon of an exclamation mark on a circular background. Camera An icon of a digital camera. Caret An icon of a caret arrow. Clock An icon of a clock face. Close An icon of the an X shape. Close Icon An icon used to represent where to interact to collapse or dismiss a component Comment An icon of a speech bubble. Comments An icon of a speech bubble, denoting user comments. Ellipsis An icon of 3 horizontal dots. Envelope An icon of a paper envelope. Facebook An icon of a facebook f logo. Camera An icon of a digital camera. Home An icon of a house. Instagram An icon of the Instagram logo. LinkedIn An icon of the LinkedIn logo. Magnifying Glass An icon of a magnifying glass. Search Icon A magnifying glass icon that is used to represent the function of searching. Menu An icon of 3 horizontal lines. Hamburger Menu Icon An icon used to represent a collapsed menu. Next An icon of an arrow pointing to the right. Notice An explanation mark centred inside a circle. Previous An icon of an arrow pointing to the left. Rating An icon of a star. Tag An icon of a tag. Twitter An icon of the Twitter logo. Video Camera An icon of a video camera shape. Speech Bubble Icon A icon displaying a speech bubble WhatsApp An icon of the WhatsApp logo. Information An icon of an information logo. Plus A mathematical 'plus' symbol. Duration An icon indicating Time. Success Tick An icon of a green tick. Success Tick Timeout An icon of a greyed out success tick. Loading Spinner An icon of a loading spinner.

Steve Rowe walks away from M&S with £2.6m package

Steve Rowe (Oliver Dixon/Marks&Spencer/PA)
Steve Rowe (Oliver Dixon/Marks&Spencer/PA)

Former Marks & Spencer boss Steve Rowe witnessed his pay and bonus package more than double to £2.6 million for the past year as the cost-of-living crisis continues to bite for customers.

The retailer also confirmed that the new top three bosses at the business are in line for around £15 million if they meet bonus targets.

It comes shortly after the bosses of Tesco and Sainsbury’s also witnessed large jumps in their total pay deals despite the volatile economic backdrop.

Mr Rowe, who stepped down as chief executive officer of M&S last month, saw pay and bonuses jump from £1.07 million in the previous financial year.

Coronavirus – Fri Jul 24, 2020
The retailer swung to a profit in the final year of Mr Rowe’s leadership (Andrew Matthews/PA)

The former chief received a salary of £841,000 for the year to April 2 but saw his total pay deal lifted heavily by £1.6 million in bonus, alongside other benefits.

It came after Mr Rowe led the company to a pre-tax profit of £391.7 million for the year as it continued its lengthy turnaround.

During his six years leading the business, Mr Rowe was tasked with reversing the fortunes of the company’s declining clothing and home business as well as shaking up its store portfolio, leading to high street closures and staff redundancies.

Meanwhile, chief finance officer Eoin Tonge received a £1.85 million package for the year, representing a slight decrease on the previous financial year.

Mr Rowe handed over leadership of the chain to Stuart Machin and Katie Bickerstaffe last month, but will continue to advise the new leadership team in the short term.

CEO Stuart Machin will receive an annual salary of £800,000 and co-CEO Katie Bickerstaffe, who is working four days a week, will receive £750,000, the company said.

The two new bosses and Mr Tonge will now be in line for around £5 million each in 2025 if they each hit targets by that year.

In April, Marks & Spencer increased the basic rate of pay for 40,000 store workers, ensuring its base rate of pay is ahead of both national and real living wage including across London.

In its annual report, M&S also confirmed that it has no plans to return to physical shareholder meetings and will hold its annual general meeting virtually again later this year despite the easing of pandemic restrictions.

Already a subscriber? Sign in

[[title]]

[[text]]