Sir Stuart Rose is set to leave Marks & Spencer with a tidy sum of £2.8 million in his pocket after the company revealed its annual bonuses.
Rose was rewarded for returning the group to annual profits growth and given an extra cash bonus as he leaves the retailer in the hands of new chief executive Marc Bolland, who is on a pay package worth up to £15m himself.
He is currently working on a three-month handover with Bolland, after which time Rose will step down to become non-executive chairman, taking a pay cut from £1.2m to £875,000.
According to the group's annual report, Rose stands to receive a bonus of around £2.5m in cash before he leaves next March.
The report received close to 250 per cent of salary as a bonus handout for the 2009/10 performance, of which £1.1m was paid in cash and the remainder as deferred shares.
M&S paid out the maximum possible under the profit-related element of its annual bonus plan after delivering a 4.6 per cent rise in profits to £632.5m for the year to March - a marked 40 per cent turnaround on the fall the previous year.
Other executives also received significant cash-and-shares awards, with head of clothing Kate Bostock taking £1.4m and finance director Ian Dyson - who is quitting to head up Punch - getting £554,000.
But no payouts were made last year or this year under previous long-term performance plans after M&S failed to meet earnings per share targets.
An £81m bonus pot was shared out among M&S employees, including 50,000 store staff.
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