Bumper pay deal for new M&S boss

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The new boss of Marks and Spencer, Marc Bolland, will receive nearly £8.5m in salary and compensation awards when he joins the retailer on 1 May.

Marc Bolland, former chief executive of Morrisons, was released six months early from a 12 month contract with the supermarket to join M&S.

He will receive a basic salary of £975,000, the retailer said.

He will also pick up cash and shares totalling £7.5m in lieu of payments he would have received at Morrisons.

His basic pay is less than the £1.13m current M&S chief executive Sir Stuart Rose earns.

He will also have the opportunity to earn a further £6.3m a year in cash and shares, made up of an annual bonus, potentially worth 250% of salary, and an "exceptional" long-term incentive award worth 400% of salary in his first year.