Marks & Spencer’s new boss Marc Bolland is to receive a package worth a potential £15m as part of the deal that has lured him from rival Morrisons.
The former Morrisons chief executive has been released six months early from his 12-month contract with the supermarket and is to take the reins at M&S on 1 May.
His £975,000 salary is just shy of current boss Sir Stuart Rose’s £1.13m basic pay, but M&S said it would pay cash and shares awards worth up to £6.3m – including an “exceptional” long-term incentive award worth 400% of his salary in the first year.
Bolland will also receive £7.5m in cash and shares as compensation for payments he would have received under Morrisons incentive schemes.
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