The Marks and Spencer chief executive's pay has risen significantly to £7.1 million (€8.4 million) after he led the retailer as it dealt with the aftermath of a devastating cyber attack.
Stuart Machin, who will be CEO of the retail giant from 2022, received a record payout following a significant increase in performance-related bonuses.
The company's latest annual report showed Mr Machin's total compensation, including bonuses and benefits, for the financial year ending March 2025 rose 39 per cent to £7.1 million (€8.4 million).
His compensation package included £4.6 million (€5.5 million) in long-term bonuses, which he will not be able to collect for at least the next two years, as well as a £1.6 million (€1.9 million) bonus based on M&S's performance for the year.
He also earned around £894,000 (€1.06 million) in fixed salary and pension payments over the past year.
The report said Mr Machin's fixed salary would increase by two per cent in the new financial year.
He received the high salary after successfully leading the company through a major restructuring strategy that allowed M&S to return to growth in clothing and homeware sales and improve profitability.
The company's shares hit their highest level in nearly nine years in April, thanks to improved trading performance.
However, the retailer, which has 565 stores across the UK, faced major disruption after the Easter weekend following a major cyber attack.
M&S has suspended orders on its website and stores have been left with empty shelves after a hacker attack.
As a result of the attack, hackers were also able to steal customers' personal information, which could include names, email addresses, postal addresses and dates of birth.
M&S is still unable to process online orders, but the retailer is understood to be hoping to partially resume operations within two to three weeks.
Mr Machin told reporters that hackers gained access to the company's IT systems through a third party due to “human error”.
In its annual report, M&S chairman Archie Norman said the serious impact of the breach, expected to cost the company around £300 million (€356 million), was likely to “last for weeks or even months.”
Sourse: breakingnews.ie
