Marks and Spencer chief Bolland sees pay package cut by a third

Kasmira Jefford
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MARC Bolland, chief executive of Marks & Spencer, received a 25 per cent hike in his bonus last year, but missed out on a payout from the retailer’s performance share plan after its worst profits in four years.

The retailer’s annual report, published yesterday, shows Bolland pocketed a short term cash and shares bonus of £829,000 compared to £663,000 the previous year.

Bolland’s total remuneration, however, fell to £2.1m from £3.2m in 2012, when he received a £1.2m payout from a 2009 performance share plan that had vested.

A disappointing performance last year meant Bolland and other executive directors missed targets for a payout from the long-term incentive this year.

Pre-tax profits fell six per cent to £665.2m in the year to 30 March, as its clothing arm continued to suffer.

Bolland’s salary and pension benefits have remained unchanged at £1.3m since joining in 2010.