Sir Stuart Rose faces yet more criticism as analysts and Marks & Spencer investors raised concerns over the salary he will receive when he moves to a non-executive position in July.

 Rose will take a 25% pay cut to £875,000 which shareholders have pointed out still well in excess of the salaries of other chairman who head up much larger companies.

One shareholder told the Financial Times: “As the part-time chairman of a domestic retailer that is quite a sum.” Shareholders said they do not understand why he will still earn such a sizable salary when he will be doing less work.

The chairman of Tesco David Reid has an annual salary of £657,000, whilst the chairman of Shell Jorma Ollila receives £660,000.

Relations between Rose and M&S investors have been fraught since Rose took the dual role of chairman and chief executive in 2008.

Investors were also critical of the £15m “golden hello” that Marc Bolland will receive when he takes up the role of chief executive in May.  

A search has now begun for a replacement for Rose who will stand down from the retailer next March.