Marks & Spencer chief executive Marc Bolland has taken home £555,000 less in 2013/14 after missing out on a bonus and declining a pay rise.
Marc Bolland’s salary was £1.58m for 2013/14, down 26% on the prior year’s £2.14m.
Marks & Spencer said no-one at the company would receive a bonus this year as performance targets had not been met. It is the first time retailer has not paid a bonus since 2008/09.
Bolland and M&S’s other executive directors had requested not to be considered for a pay review. It is the fourth year that Bolland hasn’t been considered for a pay review at his own request.
Salaries for all UK staff increased by 2% on average.
Bolland has been attempting to turn around M&S’s fortunes across its non-food category, which is weaker than its food category. In the year to March 29, M&S underlying pre-tax profit fell 3.% to £623m.