M&S Rowe departs after £2.6m payday as new bosses target bumper bonus

M&S Steve Rowe
M&S boss Rowe's pay soared last year
// M&S departing boss Steve Rowe’s pay jumped to £2.6m last year, more than double the £1.07m he received the previous year
// New bosses Stuart Machin, Katie Bickerstaffe and Eoin Tonge could pocket around £5m in 2025 if they hit targets including boosting M&S’ share price by 50%

M&S bosses could each take home around £5million if they hit their bonus targets by 2025, as its full year report revealed that departing boss Steve Rowe’s pay soared to £2.6million last year.

Rowe’s salary more than doubled from £1.07m the previous year thanks to a whopping £1.6million bonus. The previous year he received no bonus.

He signed off by delivering rising profits and sales as full year pre-tax profits before adjusting items hit £522.9million in the year to March 28, up from £403.1million two years ago, before the onset of Covid.

READ MORE: M&S warns Rishi Sunak an online sales tax will ‘damage’ shops and high streets

Rowe stepped down at the end of May after 40 years at the business where he started as a Saturday boy.

M&S replaced Rowe with a new structure that includes a CEO and a co-chief executive. New CEO Stuart Machin will receive a £800,000 a year pay packet, before bonuses – slightly below Rowe’s £843,000 pay – while co-chief executive Katie Bickerstaffe earns £750,000.

However the pair, alongside chief finance and strategy officer Eoin Tonge, who was promoted from CFO as part of the leadership changes sparked by Rowe’s departure, could pocket an additional £5million if they hit targets including a 50% rise in M&S share price by 2025.

Yesterday it emerged that Sainsbury’s chief executive Simon Roberts was paid £3.8 million last year, almost triple what he received last year.

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  1. Things to take away from this. People will soon moan about the gender inequality within the pay difference between the two but she’s probably better off due to tax. CEO’s pay are widening the gap far to much and also they need to stop linking bonuses to stock and shares prices increases. Companies will become unbearable to work for as the top dog or dogs will have to much of an incentive meaning anyone who stands in there way will be an enemy. Watch this space with new HOF group CEO on that matter. £100m is far to much of an incentive And lastly if these’s top Chiefs want these bonuses there needs to be a clause saying if any stores closes then they lose the bonuses. Not fair that they get a bonus while another mass of people are added to the job centre queue worrying when they will next get work again.

  2. There needs to be a crack down of CEO’s wages and bonuses. Especially now that the bonuses are connected to share prices and can lead to £100m bonuses. Also any bonuses ‘earned” by CEO’s etc need to have a clauses stating if any store closures a raise then they aren’t entitled to the bonuses as the average joe is being pushed to a job centre because there job being cut to improve profitability so a CEO can his or hers bonus? No chance.

  3. Ludicrous that M&S couldn’t make up its mind to have one CEO boss. A major lack of decision from the top, so they give the title to 2 people. Recipe for disaster! They decide it’s a good idea to reward both CEO’s with £5 million as bonus in 2025 if targets are met. So more flowing out if targets achieved. M&S could have saved £5 million by having the cocones to go with one CEO. Imo there can only be one boss.

  4. Shame on M&S bosses, they should feel guilty when some are struggling to put food on the table. M&S should freeze prices now and not give a bonus to executives just because ‘their’ staff help to make big profits


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