New Marks & Spencer Chairman takes pay cut
While nothing has officially been confirmed by the company, it is believed that ex-investment banker Robert Swannell is set to take the helm at Marks & Spencer, leaving Sir Stuart Rose to retire gracefully. However, the indications are that the new chairman will join on a salary of £500,000 a year which does not compare favourably to Sir Stuart Rose's salary which was in the region of £875,000 a year.
The salary of Sir Stuart Rose was something of a bone of contention during his time at Marks & Spencer even though many forget that he virtually single-handedly turned the business around. However, the management make up of Marks & Spencer in the future will be very different to that seen under Sir Stuart Rose with a number of new executives set to join and expand the online operation. This is a company which was effectively controlled by Sir Stuart Rose for a number of years leading to enormous friction between the company and its institutional shareholders.
It looks as though the company is now taking a backwards step and heeding the advice of institutional shareholders who have long fought for a reduction in the power afforded to the executive chairman of the company.
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