Marks and Spencer marketing chief’s pay package drops 17%

Outgoing Marks and Spencer marketing director Steve Sharp saw his total pay package drop by 17 per cent in its last fiscal year, a period when the retailer reported a four year profit low.

Marks and Spencer ad
Marks and Spencer’s latest food TV ad campaign.

Sharp, who is stepping down this month after nine years in the job, pulled in a total of £1.4m in the year to 31 March, down from the £1.7m registered in the previous fiscal year, according to the retailer’s annual report.

His salary grew by 2 per cent to £679,000 and his bonus – measured against objectives including control of marketing operating costs, improved in-store presentation and increasing awareness of its online presence – grew to £531,000 from £405,000 a year earlier.

The decline in Sharp’s total package came from the poor performance of the Performance Share Plan.

Marks and Spencer shares have suffered over the last 18 months following a series of disappointing results statements. Last month, the retailer reported profits for the year to 31 March fell 6 per cent to £665.2m, its lowest return since 2009, hit by a drop in clothing sales.

The fiscal performance also drove chief executive Mark Bolland’s total remuneration package down to £2.14m from £3.2m a year earlier.

Marks and Spencer unveiled a strategy for its clothing business last month in the hope of reasserting its “quality” positioning and revive flagging sales. It will be led by the executive team including Sharp’s replacement Patrick Bousquet- Chavanne.  

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