The chief executive of M&S saw his pay packet rise to more than £7m thanks to the firm’s performance prior to the headline-grabbing cyber attack.
Stuart Machin’s salary rose from £5m in the previous financial year due to the rise in M&S’s share price, which began the period at 260p and ended it at 356p.
However soon afterwards, in April, a cyber attack linked to the Scattered Spider group disrupted online orders, contactless payments and in-store stock levels.
The attack saw its share price drop from 411p to 345p – but it has since recovered to 379p.
An M&S spokesperson said: “CEO pay is decided by the board and reflects performance against stretching pre-set targets.
“Almost 90 per cent of Stuart’s pay is linked to performance of the business and the share price – therefore his total pay for FY25 reflects the strong performance and growth of M&S under his leadership over the last three years.
“Over 75 per cent of Stuart’s pay is made up of long-term and deferred share awards, subject to waiting periods and tied to future share price performance.
“This year, our strong performance meant we could make our biggest ever investment in store colleague pay.
“Additionally, over 5,000 colleagues, including store managers, received a bonus. We also returned more value to shareholders with an increased dividend payment.”
M&S said its remuneration committee is now reviewing performance metrics and targets for the next performance share plan as a result of the attack.
It is reported that Machin could face a pay cut of more than £1m.
In the last financial year, revenue at M&S increased 6% to £13.8bn, but pre-tax profit fell by almost 24% to £511.8m.
Meanwhile marketing director Anna Braithwaite has confirmed her departure from M&S.
Braithwaite, who joined M&S in June 2021, formerly served as global brand director (non-food) at Tesco.
She has also previously worked at F&F Clothing, Hobbs, Jacques Vert Group and John Lewis.
She wrote on LinkedIn: “As I prepare to embark on a new chapter, I want to take a moment to express my deepest gratitude to my amazing team.
“Over the past four years, we have built a remarkable culture rooted in kindness, hard work, and an unwavering team spirit. This latest campaign epitomises the dedication and focus we have committed to deliver our objectives for our M&S customers.
“Together, we have delivered outstanding marketing campaigns that have not only met but exceeded our goals. The dedication, creativity, and relentless pursuit of excellence has been truly inspiring and every single person in my team has played an integral role in our success. It has been a privilege to work alongside such talented individuals.
“As I step into new horizons, I carry with me the spirit and fun we’ve fostered over the last years.”
M&S Food marketing director Sharry Cramond will succeed her in the role, leading M&S’s clothing and home business.