Marc Bolland is to take up his role as chief executive of Marks & Spencer on May 1.
Bolland, who moves from Morrisons, has been released six months early from his 12-month contractual agreement.
Marks & Spencer said Bollandâs remuneration will comprise a ÂŁ975,000 salary, annual bonus potential of up to 250% of salary, and an annual award of shares under the companyâs Performance Share Plan. In 2010/11 this will be an exceptional award worth 400% of salary.
Additionally, Marks & Spencer will also compensate Bolland in lieu of a number of awards forfeited by his departure from Morrisons. This comprises ÂŁ1.6m in cash and ÂŁ1m worth of shares to compensate for loss of bonus and shares that would have vested in 2010; and a Restricted Share Award worth ÂŁ1m and a Performance Share Plan worth ÂŁ3.9m to compensate for shares that would have vested in 2011 and 2012.
The board of Morrisons said in a statement that Bolland ceased to be a director of the company âwith immediate effectâ. The board said it âwould like to thank Marc for his contribution to the developement of the companyâ.
Morrisons last week appointed Loblaw chief operating officer Dalton Philips as its new chief executive, as revealed by Retail-Week.com.
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