M&S will pay the boss £ 750,000 for a four-day work week

“At some point, you watch things seven days a week [in a senior management role]”She said in an interview last year.

“We are [M&S] seven days a week, 24-hour surgery and you do it, but I’ve always done it [four day] because it gives me the freedom to spend some time with my kids and I don’t feel like I don’t have a chance to do it during the week. It’s really important to me. “

She added: “Everyone who works for me knows that I always have my phone with me, I always check things, there have never been any problems with that.”

A flexible work pattern should be an obstacle to securing the highest position in M&S.

Mr. Machin joined M&S to lead his food business in 2018 with almost 30 years of experience in food, fashion and home products.

He is credited with helping Mr. Rowe and Mr. Norman with the retailer’s last turnaround, which began in June 2020. He focused on lowering prices to persuade more families to do their “week-long” trade with M&S.

The company stated in its annual report that “careful consideration was given to the payment arrangements for Stuart and Katie” and that a number of factors were taken into account, including different work patterns, their experience and skills, and the responsibilities of each. as external market factors.

Both the manager and Eoin Tonge, M&S’s chief financial officer, who also assumes enhanced responsibilities, could earn more than £ 15 million between them for the current business year, if bonuses are taken into account.

According to the M&S salary report, Mr Machin could earn £ 5.4 million and Ms Bickerstaffe £ 5.1 million. Mr Tonge could be in line for £ 4.5 million.

To achieve this, they must achieve difficult goals and encourage a 50% increase in the company’s share price. Executives will be entitled to a salary review in July next year.

Meanwhile, Mr Rowe has seen his salary and bonus package more than double to £ 2.6 million in the last year. This is only the second time he has received a bonus in his six years as CEO.

M&S’s payment packages are determined independently by its remuneration committee.