M&S set to reveal former chief executive Marc Bolland earned over £15m

 
Helen Cahill
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BELGIUM BRUSSELS ECONOMY MARKS AND SPENCER STORE
Marc Bolland's pay packet will soon be out in the open (Source: Getty)

Marks & Spencer are set to unveil this week that the retail store's former chief executive Marc Bolland received over £15m during his years at the company.

The firm's annual report is due out later this week and will include details of Bolland's remuneration since he took the helm in 2010. Bolland resigned in January, but will receive salary, benefits and pension benefits until January 2017.

Bolland worked to improve the efficiency of the firm by taking on Mark and Neal Lindsey, sourcing specialists, to streamline the supply chain, but M&S is still struggling in what is a highly competitive industry.

M&S shares plunged last week after the company's new chief executive, Steve Rowe, announced the store's yearly results and revealed his strategy to turn around the store's flagging sales in womenswear. The company's pre-tax profits tumbled by nearly a fifth in the last year, down to £488.8m.

Read more: What you need to know about the new M&S boss

Rowe admitted last week that the sales in the store's clothing departments were troubled. Shares in the firm have fallen by more than a third since November.

But Rowe insists he has more insight that his predecessor Bolland and is the right man to revamp the business.

Read more: Mrs M&S: Steve Rowe's first blunder?

Phil Dorrell, partner at Retail Remedy, said: "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."

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