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Sir Stuart Rose plays down potential salary reduction

Sir Stuart Rose, the executive chairman of Marks & Spencer, has today played down weekend press speculation regarding a reduction in his £1 million plus salary. There is speculation that institutional shareholders will place pressure on the Marks & Spencer's board to reduce his salary after day-to-day control of the company is passed over to incoming chief executive Marc Bolland. However, Sir Stuart Rose today suggested that he has not been asked to review his salary nor is he aware of any plans to reduce his remuneration package.

It was interesting to see that Sir Stuart Rose was non-committal with regards to his view on reducing his remuneration package if a request was forthcoming from the board. There is speculation that if he is asked to reduce his overall remuneration package when Marc Bolland takes control then he could leave the company before his scheduled exit date of July 2011.

As we mentioned yesterday, there has been friction between Sir Stuart Rose, institutional shareholders and private shareholders for some time although many seem to have overlooked the fact he has been instrumental in the company's recovery since the dark days some years ago. He has taken action which has been unpopular with many but ultimately he turned the company around and rejuvenated Marks & Spencer's going forward.

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