// M&S co-CEOs took home near £5m in pay last year

// Stuart Machin recieved £2.53m during his first year as the retailer’s boss, while Bickerstaffe was paid £2.22m

M&S co-chief executives Stuart Machin and Katie Bickerstaffe were paid £4.8m in total during their first year at the helm of the department store retailer, the group’s annual report showed.

The pair, who both succeeded Steve Rowe at the end of May last year, have been awarded a 3% salary increase for the current year due to come into effect from 1 July.

Machin received a fixed pay of £749,000 and £1.78m in performance related pay last year. While Bickerstaffe took home £673,000, reflective of her four day working pattern, and £1.55m in performance related pay.

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Rowe’s final total pay packet before he left the business in May after 40 years was £156,000.

Former chief financial officer Eoin Tonge was paid £548,000 before he stepped down in January this year to head up Primark owner Associated British Foods’s finance department.

Last month, M&S posted strong full-year sales growth in both clothing and food helping profits to beat expectations despite soaring inflation.

Pre-tax profits for the retailer surged 23% on a statutory basis thanks to a 9.9% jump in group sales.

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