M&S bosses Stuart Machin and Katie Bickerstaffe were paid just almost £5m each in total over its last financial year on the back of soaring profits for the retailer.
Chief executive Stuart Machin’s £4.73m payout was a 75% jump on last year’s package, and came from a fixed pay of £908,000 and £3.82m in performance related pay, which is subject to holding periods and is dependent on future share price growth.
Co-chief executive Katie Bickerstaffe, who leaves the retailer in July after two years in the role, took home a £851,000 salary, reflective of her four-day working pattern, and £3.56m in performance related pay. Her overall £4.41m payout was 85% more than last year.
The bumper pay packet come after M&S reported a 58% surge in profits to £716.4m late last month.
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It also emerged today that Sainsbury’s CEO Simon Roberts took home £4.91m in its last financial year, a 5.8% dip on last year’s payout.
Despite his base salary increasing 3.8% to £933,000, Roberts bonus decreased despite Sainsbury’s pre-tax profit edging up 1.6% to £701m to 2 March.
For its current year, Roberts and CFO Bláthnaid Bergin have been awarded a 4% base salary increase, which the supermarket pointed out was below the 9% increase awarded to its hourly paid retail staff.
M&S said Machin will receive a 3% pay increase in the current financial year.
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