As a result of its return to profitability for the first time in four years, the senior management of Marks & Spencer will receive bonuses for the first time since 2013, The Guardian has reported.
M&S chief executive Mark Bolland is to receive a sum worth 61 per cent of his annual salary of £975,000, while Steve Rowe, the manager of the chain's high-performing food division, is set to receive the grandest reward in proportion to basic pay. Rowe's bonus, at £653,000, is worth 127 per cent of his standard yearly income.
The company’s food division has had an “outstanding year in a difficult market,” Bolland was quoted by The Guardian as saying: it grew by 3.4 per cent to £5.2 billion.
Laura Wade-Gery, who heads the M&S online operation, Patrick Bousquet-Chavanne who leads its international division, and John Dixon (general merchandise) will all also receive bonuses.
© 2015 European Supermarket Magazine – your source for the latest retail news. Article by Peter Donnelly.
