New Marks & Spencer boss Marc Bolland is set to earn a whopping £15m in his first year at the retailer, in what is thought to be one of the biggest "golden hellos" in corporate history.
The British high street giant has struck a deal with the Dutchman that it is understood to earn him at least £8.5m in his first year at the company, with a huge chunk of that, £7.5m, as compensation for lost bonuses and shares that he would have received in his old job at supermarket chain Morrisons. On top of that he could possibly earn an extra £2.5m in bonus payments, plus another £4m worth of shares, as well as an annual salary estimated to be at £975,000.
Despite being the UK's largest clothing retailer, Marks & Spencer hope that Bolland, whose CV is built on grocery, will help the store shrug off competition, particularly in the food market, from rivals Waitrose, Tesco and Sainsbury. And they are right to have faith in him - under Bolland's leadership Morrisons has become the fastest growing supermarket in the UK. He will take over from Stuart Rose as chief executive of Marks & Spencer on 1 May.
Picture: Marc Bolland poses with a beer at a Heineken press conference in Amsterdam. Bolland used to work as a chief operating officer at the brewers.
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