Rowe led the company to a pre-tax profit of \u00a3391.7 million for the year as it continued its lengthy turnaround.<\/strong><\/p>\nDuring his six years leading the business, Rowe was tasked with reversing the fortunes of the company\u2019s declining clothing and home business as well as shaking up its store portfolio, leading to high street closures and staff redundancies.<\/p>\n
Chief finance officer Eoin Tonge received a \u00a31.85 million package for the year, representing a slight decrease on the previous financial year.<\/p>\n
The retailer also confirmed that its new top three bosses at the business are in line for around \u00a315 million if they meet bonus targets.<\/p>\n
Rowe handed over leadership of the chain to Stuart Machin and Katie Bickerstaffe<\/strong> last month, but will continue to advise the new leadership team in the short term.<\/p>\nCEO Stuart Machin will receive an annual salary of \u00a3800,000 and co-CEO Katie Bickerstaffe, who is working four days a week, will receive \u00a3750,000, the company said.<\/p>\n
The two new bosses and CFO Tonge will now be in line for around \u00a35 million each in 2025 if they each hit targets by that year.<\/strong><\/p>\nIn April, Marks & Spencer increased the basic rate of pay for 40,000 store workers, ensuring its base rate of pay is ahead of both national and real living wage including across London.<\/p>\n
In its annual report, M&S also confirmed that it has no plans to return to physical shareholder meetings and will hold its annual general meeting virtually again later this year despite the easing of pandemic restrictions.<\/p>\n","protected":false},"excerpt":{"rendered":"
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Steve Rowe walks away from Marks & Spencer with \u00a32.6m package - TheIndustry.fashion<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n