M&S boss sees pay packet rise 75% as profits surpass £700m

M&S CEO Stuart Machin has seen his pay rise 75% £4.73m following strong full-year results at the retailer.

Machin received a fixed pay of £908,000 and £3.82m in performance related pay, which is subject to holding periods and is dependent on future share price growth.

Alongside this, co-CEO Katie Bickerstaffe, who is leaving the company in July, saw her pay jump 85% up to £4.41m overall.

This number came from a £851,000 salary, reflective of her four-day working pattern, and £3.56m in performance related pay.

These big pay increases come after the retailer posted a 57% profit increase up to £716.4m for the full year.

Overall, the retailer’s revenue jumped 9.3% from £1.19bn last year up to £1.3bn this year.

Its food sales were also up 13.0% with an adjusted operating profit of £395.3m, up from £248.0m last year.

Furthermore, the company stated that clothing and home sales rose 5.3% with an adjusted operating profit of £402.8m up from £323.8m.

Machin also argued that the company should have “already overtaken” Waitrose following its latest strong results.