The annual report of M&S reveals a substantial payout to CEO Stuart Machin, highlighting the company’s remarkable financial turnaround.
- M&S’s operating profit jumped by 33%, signifying a successful year in business improvement.
- CEO Stuart Machin’s total pay package rose to £4.7m, more than a £2m increase from the previous year.
- Co-CEO Katie Bickerstaffe also experienced a significant increase in her pay, reflecting her impactful contributions to the company.
- M&S achieved a milestone by attracting one million more customers, boosting profits, and rewarding shareholders with a dividend after four years.
Marks & Spencer has announced a record financial remuneration for its chief executive, Stuart Machin, reflecting the company’s notable fiscal recovery over the past year. According to M&S’s latest annual report, Machin received a total pay package of £4.7 million in 2023, a significant rise from the previous year’s £2.7 million. This compensation includes a base salary of £818,000 alongside a £1.5 million bonus.
The retailer reported a notable increase in operating profits by 33%, growing from £626.6 million to £838.6 million within a 52-week time frame ending March 30, 2024. This performance underscores the success in M&S’s strategic initiatives to expand their customer base and market influence.
Stuart Machin, who took on the role of chief executive in May 2022, has overseen efforts that not only improved the company’s financial standing but also led to a major pay package increase for himself and fellow executives.
M&S co-chief executive Katie Bickerstaffe, soon to leave the company, saw her pay rise by £2 million, taking her total package to £4.4 million. Although working a four-day week, her salary was still £750,000, reflective of her significant role and contributions.
In a move that highlights employee appreciation and stakeholder value, M&S invested in their workforce by awarding the largest pay increase ever to store colleagues, and distributed a dividend to shareholders—the first in four years. “M&S delivered a strong performance,” a company spokesman affirmed, noting the increase of one million customers, market share, and profits.
M&S’s financial success and executive compensation underscore its strategic progress and expansion.
