United Kingdom

M&S boss Steve Rowe lands a £143,000 shares windfall

Marks & Spencer boss Steve Rowe has collected £143,000 of shares

The boss of Marks & Spencer has collected £143,000 of shares despite the retailer falling out of the FTSE 100 and cancelling dividends.

That took Steve Rowe's pay to £1.2million in the year to March, down from £1.5million the previous year, according to the firm's annual report.

The revelations come after Rowe (pictured below) told M&S investors that the firm does not intend to pay £340million in dividends in the year to March 2021, after cancelling the £130million year-end dividend for 2019-20.

Savers are already reeling from the collapse in its share price, which fell from 351p three years ago to an alltime low of 85p last month.

That saw M&S relegated from the FTSE 100 index last year. 

Shares rose 8.2 per cent, or 8.08p, to 106.9p yesterday after broker Jefferies upgraded the stock to a 'Buy' recommendation.

Rowe has admitted that efforts to turn the clothing and home division around are behind schedule.

But he has been praised for foregoing his annual cash bonus for 2019-20 and 2020-21, after furloughing 27,000 workers, and freezing his salary in line with the wider workforce until April 2021.

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