Former Marks & Spencer chief executive Marc Bolland has been paid £62,899 by the company he left two years ago despite a collapse in profits since his departure.
Bolland is due to be paid the sum in shares next month, according to the retailer’s annual report. It will take his total pay to £17.2 million for six years in power, ending in April 2016.
Laura Wade-Gery, the former online director, is also due to be handed shares worth £30,200 under the same bonus scheme linked to its 2015 performance.
Bolland’s total pay will be £17.2 million for six years in power, ending in April 2016.
New chairman Archie Norman said that ‘organisational failure’ has left the chain on a ‘burning platform’.
The annual report pointed out weakness in the online business, relaunched under Wade-Gery in February 2014 at a cost of £150 million, as an area of concern.
The company said it has been losing online market share.
It singled out a warehouse in Castle Donington, Leicestershire, which had been heralded by Bolland as key to the firm’s success.
It said the facility, reputed to have cost £200 million, ‘was built at great expense but is never likely to achieve planned capacity, lacks resilience and cannot currently meet peak demand’.