Marks and Spencer chief’s pay soars to decade high as turnaround pays off
Marks and Spencer’s CEO has received the highest pay package in over a decade, as the high street darling’s turnaround strategy has paid off.
Boss Stuart Machin, who took the reins two years ago, was handed £4.7m this year, up significantly from the £2.7m he was paid last year.
Machin’s packet also remains higher than his predecessors Steve Rowe and Marc Bowland who were paid up to £2.6m a year over the past 10 years, the retailer’s annual report has said.
Co-chief executive Katie Bickerstaffe, who reported to Machin and will step down in July, was paid £4.4m, including a salary of £767,000 for the year to the end of March, and also qualified for “good leaver” status.
Bickerstaffe, the retailer’s first female boss, helped run the show alongside chairman Archie Norman and frontman Stuart Machin, who was appointed at the same time as her.
She will depart Marks and Spencer to become a non-executive director at B&Q owner Kingfisher.
“She has had an important role in overseeing a marked improvement in the performance of the business and moves on with our best wishes,” chair Archie Norman said on Monday.
Reports of the hefty handouts follow a bumper year for Marks, which reported a 58 per cent jump in profit before tax for the full year.
The Percy-Pig maker also said it would restore dividend payments after it delivered its best results in almost three decades.
Its continued success in a tricky retail environment highlights the success of chief Stuart Machin and chair Archie Norman’s turnaround plan – which included overhauling its store estate and selling more trendy clothing.
Marks and Spencer also plans to invest over £30m in new stores across London, amid a period of heightened popularity for the 140-year-old brand.