Marks & Spencer boss Stuart Rose has been rewarded for his role in turning round the retail chain’s fortunes with a bumper pay package worth almost £2.5 million.
Widely credited as the driving force behind the transformation of M&S, which posted a 35 per cent rise in profits in the year to April 1, chief executive Rose was granted a maximum bonus of 150 per cent of his current £950,000 salary, which went up from £850,000 in January, taking his basic for the year to £875,000. He therefore picked up a bonus of £1.4m, plus £198,000 in benefits.
Rose will bank around £1.8m, compared with £2.1m last year, as half of the bonus will be deferred into shares which must be held for three years.
He has donated £519,000 of his £712,000 payout to the charity Friends of Mvumi Secondary School, in Tanzania, leaving him with £193,000 worth of deferred shares.
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