1st Feb 2010 15:46
M&S ANNOUNCES MARC BOLLAND'S START DATE & REMUNERATION
Marks and Spencer Group plc is delighted to announce that Marc Bolland is joining the Company as Chief Executive on 1 May 2010, having been released six months early from his 12 month contractual agreement with Wm Morrison Supermarkets Plc.
Marks & Spencer also confirms details of Mr Bolland's remuneration package. His ongoing remuneration will comprise a £975,000 salary, annual bonus potential of up to 250% of salary, and an annual award of shares under the company's Performance Share Plan. In 2010/11 this will be an exceptional award worth 400% of salary.
Additionally, the Company will also compensate Mr Bolland in lieu of a number of awards forfeited by his departure from Morrisons. This comprises £1.6m in cash and £1m worth of shares to compensate for loss of bonus and shares that would have vested in 2010; and a Restricted Share Award worth £1m and a Performance Share Plan worth £3.9m to compensate for shares that would have vested in 2011 and 2012.
Marks & Spencer looks forward to welcoming Marc on 1 May.
-Ends-
For more information:
Clare Wilkes 0208 718 8642
M&S Corporate Press Office 0208 718 1919
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