M&S boss enjoys bumper bonus after delivering profit
Mark's and Spencer staff are celebrating a long-awaited turnaround in the company's fortunes this week.
Print5 June 2015
The annual report has revealed that CEO Marc Bolland was awarded a whopping £596,000 bonus in reward for steering the company in to profit for the first time in four years.
According to The Irish Examiner, Bolland’s total pay went up by 32% to £2.08m in the year ending March 28th. The Dutch businessman also picked up £193,000 worth of shares under a long-term performance plan.
After Mr. Bolland took over in 2010, the testy times continued for the iconic British retailer until last month’s full-year results showed a 6.2% rise in profits, which increased to £661.2m. Experts say this profit increased was driven by improved fashion ranges and strong food sales.
The company also confirmed that along with other top-tier staff, eligible floor staff would be rewarded with bonuses following the year’s improvements. Interestingly, Mr. Bolland declined a pay rise for the fifth year in a row, a move that surely added to his popularity among the staff of the 130-year old chain.
Meanwhile, Sainsbury’s also published their annual report this week, announcing the company’s first annual loss in a decade. New boss Mike Coupe has taken over the retailer at a tough time, amid increased pressure from discount supermarkets such as Aldi and Lidl. He warned that food price deflation meant the chain did not expect an improvement this year. He was not awarded a bonus, nor were any of the chain’s senior directors.
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