Marks & Spencer boss Steve Rowe was paid £1.6m in his first full year in charge, despite a 64% slump in profits.
Rowe, who was promoted to chief executive in April 2016, was handed a £599,000 bonus in addition to his £810,000 salary, according to the retailer’s annual report.
His pay package was completed by £234,000 in pensions and benefits.
Rowe’s remuneration for the year was less than the £2m former boss Marc Bolland took home during his last year in the role.
Bolland’s basic salary was also higher at £975,000.
Executive pay at M&S has been decreasing in recent years as the retailer faces into fierce competition on the high street, particularly in fashion.
Bolland was paid £5.9m in his first year at the helm, while his predecessor Lord Rose pocketed £4.3m.
Difficult year
Rowe’s £1.6m package was revealed at the end of a difficult year for M&S, in which the retailer axed hundreds of jobs and said it would shutter dozens of stores in the UK and overseas.
M&S is also lowering prices, driving full-price sales and growing its grocery store portfolio as Rowe bids to transform the high-street stalwart’s fortunes.
The retailer’s pre-tax profit tumbled from £488.8m to £176.4m during the 52 weeks to April 1 as its struggling clothing and home division suffered a 3.4% like-for-like slump.
Former Asda boss Archie Norman has been drafted in as chairman to aid Rowe’s turnaround efforts, while M&S has also poached Halfords chief executive Jill McDonald to take on the new role of managing director for clothing, home and beauty.
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