Stuart Rose agrees to 25% pay cut

Stuart Rose, the executive chairman of Marks & Spencer, has agreed to take a 25% pay cut as part of his executive duties will be taken on by new chief executive Marc Borland. There has been speculation as to whether Sir Stuart Rose would have been keen to reduce his pay packet as his role was reduced with an initial indication he was unhappy about being forced down this particular route. However, we have also received an update regarding his planned departure date with a suggestion he will leave before his planned exit date of March 2011.

Sir Stuart Rose joined Marks & Spencer when the company was in one of the most difficult trading environment it has experienced, losing reputation in the market place and losing customers to competitors. Even though the former chief executive took a number of unwelcome yet vital decisions with regards to the direction of the company they attracted the wrath of many shareholders and institutional shareholders have been looking to push him out of the company for some time. It is ironic that now that Marks & Spencer is "back on its feet" the very man who stopped the rot is being shunted out of the door and his past achievements with the group appear to have been ignored.