Marks & Spencer Double Outgoing CEO’s Pay To $2.63 Million
Former Marks & Spencer CEO Steve Rowe has seen his 2021 pay more than double to £2.63 million after receiving his first bonus since 2017.
Rowe stepped down as the British retail giant’s CEO last month. While he will not receive a pay-off, he will continue to be employed as a consultant with pay of up to £843,000 for as long as a year after ceasing full-time employment for M&S in July.
Rowe will also be able to cash in £2.85 million of M&S bonus shares, currently worth around £4.1 million, over the next few years, provided the company’s performance targets are met.
M&S’s remuneration committee ruled it was appropriate to give Rowe a £1.6 million annual bonus on top of his £1 million in fixed pay and benefits, though he will be completing his notice period when it is awarded. Rowe will be given half his bonus payment in July, with the second half being held as M&S shares for three years.
“[Rowe] has worked tirelessly and determinedly to deliver on the transformation promise, as demonstrated in our strong 2021-22 business performance,” Andrew Fisher, head of M&S’ remuneration committee said in the company’s annual report.
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