Morrisons has released Marc Bolland six months early from his contract so he is free to join Marks & Spencer as chief executive on May 1.
M&S has also announced a golden hello that has stunned the City of £1.6 million cash and shares and share plans worth a further £5.9m to compensate for awards he forfeited on leaving Morrisons. His standard remuneration package features a £975,000 salary, annual bonus potential of up to 250 per cent of salary, and an annual award of shares under the company’s performance share plan which in 2010-11 “will be an exceptional award worth 400 per cent of salary” the store said in a statement.
