Marks & Spencer's Rose Earns 48% More While Shareholders' Dividend Is Cut
Rose, who is slated to leave in March, was paid a total of 2.61 million pounds ($3.82 million) in the 53 weeks ended April 3, including a salary of 1.14 million pounds and a cash bonus of 1.13 million pounds, according to the annual report published today. He earned 1.77 million pounds in the previous year.
Marks & Spencer came under fire from advisory group Pension Investment Research Consultants Ltd. this year for a 7.5 million-pound compensation payment to Marc Bolland, who joined in May as chief executive officer. Rose in June waived a third of a share award as a result of shareholder “feedback” that followed the retailer’s first dividend cut in nine years.
Today’s report shows that Rose was awarded a bonus worth 2.81 million pounds last year, of which 1.69 million pounds was paid in Marks & Spencer shares. His basic salary was raised to 1.16 million pounds from 1.13 million pounds as of Jan. 1, though this is due to be reduced to 875,000 pounds when Rose relinquishes his executive position at the end of July.
Bolland joined Marks & Spencer with a 15 million-pound pay package that included a salary of 975,000 pounds, bonuses and the 7.5 million-pound payment to compensate for bonuses he will miss out on by leaving William Morrison Supermarkets Plc.