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Marks & Spencer and the £15 million man

Marc Bolland, the former chief executive of Morrisons, the new chief executive of Marks & Spencer has announced a deal which could peak at £15 million in his first year in office!

On top of a basic salary of £975,000 a year the new chief executive will be line for bonuses which could hit £6.3 million as well as a £7.5 million cash compensation payment covering performance related pay he gave up at Morrisons to join Marks & Spencer. The deal takes Marc Bolland into the stratosphere of pay packages in the city although when you consider the share price increased on the day his appointment was announced, adding £340 million to the market cap of Marks & Spencer, then perhaps the £15 million man is worth his money?

Aside from the £15 million package, which is highly likely to attract controversy in the short-term, there is no doubt that Marc Bolland transformed the previously under pressure Morrisons into a leaner, meaner and more profitable outfit. If he can do anywhere near the same at Marks & Spencer then the company would benefit enormously. Hopes are high for the new chief executive and his past record seems to support this optimism.

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