M&S Marc Bolland to once again refuse pay increase

By

Cajsa Lykke Carlson

Published
Nov 10, 2015

British retail giant Marks & Spencer's CEO Marc Bolland is asking its board to freeze his pay for the fifth year in a row, according to The Mail on Sunday.

This could be a sign that Bolland intends to remain at the business, which recently posted a 6.1% rise in first-half underlying pretax profit, for the foreseeable future. Bolland's salary will be re-negotiated in January, and the CEO said freezing his pay would mean it would be more heavily weighted to performance.

However, Mark and Neal Lindsey, who are in charge of M&S supply chain, will be rewarded for their performance, Bolland said. He declined to say by how much.

M&S raised its annual forecast for margins in clothing and homewares earlier this month, despite clothing generally being the retailer's most troubled category.