This week Marks and Spencer is expected to disclose that former Chief Executive Marc Bolland received more than £15m during his five years at the chain, according to City A.M. .
The British retailer will reveal its annual report later this week which will include Bolland’s total remuneration since he took the lead in 2010. The former M&S boss departed from the role in January this year but will continue to receive salary, benefits and pension benefits until January next year.
During his six years at the company, Bolland worked to streamline the supply chain, taking on sourcing specialists Mark and Neal Lindsdey to do so. Nonetheless, the former boss retired from a loss-making business, especially in the retailer’s clothing sector. Marks and Spencer shares have fallen by over a third since November 2015.
Shares continued to fall last week following the retailer’s full year results and Rowe’s announcement of his turnaround strategy, particularly focusing on the womenswear division.
Rowe remains confident in his plans to overhaul the business and return M&S to profit.
“If M&S can take the lessons from the food hall and transfer them over into the fashion space, in particular womenswear, there is a real possibility that they can return to the retail powerhouse of our distant memories. But we’ve known that for some time, and still wait” said Phil Dorrell, partner at Retail Remedy.