// 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.
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.