MARKS & SPENCER chief executive Marc Bolland has had his pay cut by a third to £2.1 million, following a decrease in the company's sales. His annual salary of £1.3 million remained unchanged, while his £829,000 bonus (half of its potential full amount), took his overall earnings to £2.1 million, compared to £3.2 million in 2012.
However, the businessman - who joined the high street chain in May 2010 - could see an increase in his fortunes this year if M&S' recently rejuvenated clothing categories are as lucrative as expected, the Guardianreports. Former Jaeger designer Belinda Earl unveiled her debut collection for the company last month to much fanfare, launching for autumn/winter 2013-14. The brand's menswear line is also going in a luxury direction, with plans to stage its first inaugural menswear presentation at London Collections: Men later this month.
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