Marks & Spencer chief executive Stuart Machin has landed a £2m pay rise after his turnaround push helped the retailer to its best financial position in almost 30 years.
Mr Machin’s total pay package jumped to £4.7m last year, up from £2.7m a year earlier, boosted by a bigger bonus and a larger share award during the year.
His salary rose by around 22pc for the year to £818,000, compared to £669,000 a year earlier.
Katie Bickerstaffe, M&S’s co-chief executive who is stepping down next month, also received a similar increase, with her pay rising from £2.4m to £4.4m.
It follows a strong period of growth for the retailer, which last month revealed its profits had surged 58pc in its latest financial year to hit £716.4m. Revenues were up 9.3pc to more than £13bn.
Sales and profits have been rising as a turnaround plan piloted by Mr Machin bears fruit, after years of stalled revival efforts under previous management.
Mr Machin, who became co-chief executive in May 2022, has overseen a modernisation of the company’s clothing business and maintained a strong performance within food.
Last year M&S grew sales not only in its food business but also clothing, where growth has typically lagged. It now holds a 10pc share of the overall UK clothing and home goods market.
M&S finished its most recent financial year with the equivalent of £46m cash on hand, compared with a net debt of £356m a year ago. Strong sales, profits and cash prompts one analyst to say M&S was “in the strongest financial health since 1997”.
Shares in the company are up around 64pc over the past year.