Steve Rowe, chief executive of Marks and Spencer (M&S), has received a substantially slimmer pay package than his predecessor, the retailer's annual report has revealed today.
For the financial year ending April 2017, Rowe's pay package came to £1.64m. His basic salary was £809,000 and he also received a bonus of £599,000.
The former chief executive of M&S, Marc Bolland, was rewarded £975,000 as a bonus, however.
And, in his final year at the helm, Bolland pocketed £2.04m, after presiding over a substantial drop in M&S' clothing arm.
All of M&S' executive directors were in line for a two per cent pay rise , but turned it down because they were conscious that many of their staff members had had to face pay changes over the past year.
M&S revealed today that its chief executive's salary had fallen by 17 per cent year-on-year, with his benefits and annual bonus down by 12 per cent and 8.7 per cent respectively.
Meanwhile, the base salary of M&S employees fell by 1.1 per cent. Their benefits fell by 12 per cent on average, and their average bonus rose 8.7 per cent.
One of the largest hits to the firm was a £400m cost for restructuring the retailer.
"We have made some hard decisions," M&S chairman Robert Swannell wrote in the report.
"However, these changes needed to be made for the long-term health of the business. Decisive action and strong execution have never been more important to compete in a fast-changing retail environment."
In particular, M&S has decided to focus more on its food offer, and it has been trying to stop a "damaging cycle of promotions and discounts" in its clothing business.