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Marc Bolland is to take over as Chief Executive at Marks and Spencer. His appointment, however, has drawn criticism from investors and shareholders after it emerged he’ll receive a £15m golden hello from the retailer.
Bolland’s initial payout will include £7.5m compensation for awards he would have received had he kept his role at Morrisons, who have agreed to release him from his contract 10 months early.
According to the Financial Times, Investor Advisory Group Pirc have described the award as 'excessive' and a 'bad start for the new regime at M&S.'
In addition to his golden hello, Bolland will receive a £975,000 salary, a yearly bonus of up to 250 per cent of salary and an annual award of shares.
See also:
John Lewis Olympics 2012 Deal
Debenhams Names New Chairman
Stirling Group in Administration
La Senza Rescued by Lion Capital
Retail Industry Donates £1Million to Retail Trust
