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M&S has revealed in its annual report that its CEO Stuart Machin took home £7.1m in pay for the year ended 29 March 2025, up from £5.1m the year before.
The pay packet was made up of an £843,000 base salary and a £1.63m bonus alongside £4.6m in performance related pay which is subject to holding periods and is dependent on future share price growth.
Machin is set to receive a 2% increase to his salary from 1 July, adding just over £16,000 to his pay. M&S stated that this was below the 5% increase being awarded to its customer assistants.
However, he is set to see his pay reduced by around £1.1m as a result of the cyber attack on the retailer which has severely impacted its operations and stock value.
The ongoing attack has seen the retailer’s share price drop 14%, causing Machin to lose around £831,000 from his performance share plan and £233,000 from a deferred bonus, both of which are set to pay out in July.
M&S has warned that the attack could wipe £300m off its profits.The attack caused stock shortages at M&S stores and took down its payment systems for a period.
Hacker group DragonForce claimed responsibility for the ransomware attack which caused the retailer to suspend online orders for over a week.
In the year to 29 March, it reported profit-before-tax and adjusting items of £875.5m, up from £716.4m the previous year.
The company saw its sales rise 6% to £13.9bn, driven by an 8.6% jump in food like-for-likes to £9bn and 4.4% lift in fashion, home and beauty to £4.2bn.
