M&S Boss Marc Bolland Takes 26% Pay Cut
Marks and Spencer's chief executive has taken a 26% pay cut following the retailer's third straight decline in annual profits.
It has emerged that Marc Bolland was paid a total of £1.58m in the company's 2013-14 financial year, down from £2.14m over the previous 12 months.
M&S said in May that no one in the company would receive a bonus this year as performance targets had not been met.
Its annual report, published on Thursday, showed that each executive director had requested not to receive a salary increase.
Mr Bolland's £975,000 basic pay has not risen since his appointment in 2010.
Other staff salaries rose by an average 2%.
Mr Bolland has spent £2.3bn over the last three years addressing decades of under-investment at M&S, aiming to transform it into an international retailer reaching customers through stores, the web and mobile devices.
In the UK, the focus has been on restoring love for its clothing offering - particularly women's fashion.