M&S chief executives Stuart Machin and Katie Bickerstaffe received pay packets of almost £5m each over the past financial year following the upmarket retailer’s bumper profits.
Machin saw a 75% increase on last year’s payout to £4.73m, including fixed pay of £908,000 and £3.8m in performance related pay – a figure subject to holding periods and dependent on future share price growth.
Bickerstaffe, who will be exiting the business in July, received an overall payout of £4.41m – an 85% jump on last year – from a £851,000 salary, reflective of her four-day working pattern, and £3.56m in performance related pay.
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It follows a positive trading year for M&S, which delivered a 58% rise in profit to £716.4m.
Meanwhile, Sainsbury’s CEO Simon Roberts was paid £4.91m in the last financial year – a 5.8% decline on the previous year’s payout.
While Roberts’ base salary rose 3.8% to £933,000, his bonus fell, despite the supermarket giant having beaten profit expectations for the year to 2 March 2024, with pre-tax profits of £701m, up 1.6% on the previous year’s £690m.
For the current financial year, Roberts and Sainsbury’s chief financial officer Bláthnaid Bergin will receive a 4% base salary increase, which the grocer noted was below the 9% increase provided to hourly-paid employees, while M&S said that Machin has been awarded a 3% pay increase.
