Marks & Spencer’s CEO Stuart Machin received a record payout of £4.7 million due to the company’s significant growth.
- The company’s operating profit rose by 33% over the last financial year, marking a successful period for the retailer.
- Stuart Machin’s total compensation package increased from £2.7 million to £4.7 million, reflecting his leadership’s impact.
- Co-CEO Katie Bickerstaffe also saw her compensation climb to £4.4 million as she prepares to leave the company.
- The retailer’s performance included customer growth, increased sales, and shareholder dividends after a four-year hiatus.
Marks & Spencer’s chief executive, Stuart Machin, achieved a record £4.7 million payout amid a period of substantial growth for the retailer. According to the company’s recent report, operating profit before adjusting items surged by 33%, rising from £626.6 million in April 2023 to £838.6 million by the end of March 2024. This financial performance underscores the retailer’s successful turnaround.
Stuart Machin, who took over as chief executive in May 2022, saw his compensation package increase significantly from the previous year’s £2.7 million to £4.7 million. This increase highlights the impact of his leadership during a transformative period for M&S. The package included a salary of £818,000 along with a £1.5 million bonus, positioning Machin’s earnings well above those of his predecessors, such as Steve Rowe and Marc Bolland, whose compensation did not exceed £2.6 million in the last decade.
Alongside Machin, co-chief executive Katie Bickerstaffe’s pay rose substantially from £2.4 million to £4.4 million. Despite her four-day work week, her salary reached £750,000, a testament to her contributions during the growth phase, as she prepares to exit her role in July.
An M&S spokesman highlighted the company’s robust performance, noting the attraction of a million more customers and the growth in sales, market share, and profits. “M&S delivered a strong performance, attracting one million more customers, growing sales, market share and profits, investing in the biggest ever pay award for our store colleagues and paying a dividend to shareholders for the first time in four years,” they stated.
While Machin’s £1.69 million of this year’s pay was in immediate compensation, much of the remaining amount is deferred pay dependent on future share price performance. This reflects a strategic approach to leadership compensation, ensuring alignment with the company’s future performance.
The financial success and leadership rewards at Marks & Spencer underscore a significant period of growth and strategic achievement.
