Sir Stuart Rose got an £8.1m golden goodbye

City A.M. Reporter
SIR Stuart Rose was handed an £8.1m golden goodbye when he left Marks & Spencer last year, according to the retailer’s annual report.

The former chief executive and executive chairman received a pay packet worth £2.77m in 2010-11, compared to £2.6m a year earlier, plus over £5m in shares.

Marc Bolland, who became chief executive in May 2010, received £4.38m, including £2.6m compensation for rewards he would have received at Morrisons. He was also awarded share options that will vest over the coming years and could earn as much as £9.4m if the company meets its highest performance targets.

M&S has revamped its executive pay plan and said Bolland and finance director Alan Stewart had agreed to have their basic salaries frozen at £975,000 and £550,000 respectively for the 2011/12 year.