M&S boss’s pay surges to £7.1m despite retailer being hit by huge cyber attack
M&S boss’s pay soared by 39% ahead of cyber attack
- M&S CEO Stuart Machin's pay package soared 39 per cent to £7.1 million, driven by performance-linked bonuses, before a major cyber attack disrupted the retailer.
- Machin's pay for the year to March included £4.6 million in long-term performance bonuses (inaccessible for two years), a £1.6 million bonus tied to M&S's performance, and £894,000 in fixed pay and pension benefits.
- The pay increase followed a turnaround strategy that boosted clothing and home sales, with shares rising to a nearly nine-year high in April.
- A cyber attack after Easter halted online orders and compromised customer data, costing the firm an estimated £300 million and causing significant disruption.
- An M&S spokeswoman said that the CEO’s pay was performance-based and reflected the company's growth under Machin's leadership.