Marks and Spencer chief executive Mark Bolland could receive up to £13.8m for his past year’s performance as former boss Sir Stuart Rose was waved off with a £8.1m pay-out.

Bolland, former Morrisons chief executive, who joined Marks & Spencer in May last year took home £4.4m in pay, which includes compensation for bonuses he would have netted at the grocer and a relocation payment, and is also in line to collect £9.4m in shares.

Rose collected £2.8m in pay and a further £5.3m in cash and shares.

The hefty payments, revealed in the retailer’s annual report, are likely to anger shareholders who have had several run-ins with the Marks & Spencer board over pay.

The retailer is thought to be planning a shake-up of its executive pay plan which is expected to link remuneration more closely to the strategic blueprint set out by Bolland.

The report also revealed that Marks & Spencer’s new multi-channel guru, former Tesco Direct chief executive Laura Wade-Geary received a golden hello of more than £4m.

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