// M&S boss Steve Rowe slashes bonuses
// Rowe could still receive a long-term performance-related bonus
Marks & Spencer chief executive Steve Rowe has reportedly slashed his bonuses after ditching dividends worth £470 million.
As staff endured uncertainty amid the coronavirus pandemic, Rowe initially defied calls to give up his full £810,000 salary plus bonuses, which paid out a total of £1.6 million last year, This is Money reported.
However, this week M&S said he would not take annual bonuses for 2019/20 or 2020/21.
Rowe could still receive a long-term performance-related bonus when M&S’s annual report is published next month.
On Thursday, M&S dealt its 300,000 private investors a major blow, announcing it did not intend to pay £340 million in dividends this year.
The news came just weeks after last year’s £130 million year-end dividend was cancelled.
The taxpayer is also covering £222 million in costs to furlough 27,000 staff, paying 80 per cent of their wages, as well as a 12-month business rates holiday.
Separately, M&S said on Sunday that it informed staff in a letter that the company will keep a close eye on the new venture with online grocer Ocado.
The venture will launch in less than 100 days, and is understood to be the biggest strategic gamble for decades.
The embattled retailer bought half of Ocado’s retail business last year for £750 million.