Sir Stuart bags £4m from M&S

Marion Dakers
OUTGOING Marks & Spencer chairman Sir Stuart Rose earned £4.3m last year, a rise of 47 per cent during a period when the retail giant was forced to cut its dividend by 20 per cent.

The executive chairman earned £2.6m, including £1.4m in bonuses and cash allowances. The firm’s annual report said deferred share options topped up his pay packet to £4.3m. Last year he took no bonus but was paid £1.77m.

Marketing director Steven Sharp, who along with Rose waived long-term share options last year, earned £1.4m, while outgoing finance director Ian Dyson received £1.5m.

The company’s annual bonus pool stands at £80.9m, a huge increase from £2.8m last year when the firm missed several targets.

Rose, who will leave the company in March 2011, said that leading Marks & Spencer for six years “has been a pleasure and a privilege”.

The company has been criticised for offering Rose’s replacement Marc Bolland a £15m “golden hello”. Bolland, who became chief executive in May, is set to receive a £975,000 starting salary and a 30 per cent salary supplement in lieu of pension.

Rose has overseen a mixed year for the company.

Adjusted pre-tax profits of £695m were five per cent up on last year, but well below the £1bn profits seen in 2008. Shares closed 2.2 per cent up yesterday at 342.7p.