M&S exec takes 25 per cent pay cut

Marks and Spencer’s chief executive and chairman Sir Stuart Rose will give up his executive role in July and take a 25 per cent pay cut, the company has announced. Sir Stuart will then give up his position as chairman in March 2011 – earlier than initially planned.

Marc Bolland – formerly boss of Morrisons – is due to take up the M&S chief executive role in May. Sir Stuart will retain executive responsibilities until July to ensure a smooth handover. He has previously been criticised by shareholders unhappy with his dual role at M&S.

Listed companies traditionally have a separate chief executive and chairman to ensure good corporate governance. Earlier this month, Sir Stuart told the BBC he expected to take a pay cut as a result of stepping down from the chief executive role.

He is currently paid a £1.13m salary.

M&S is now expected to step up its hunt for a replacement chairman.

The current deputy chairman, David Michels, has already ruled himself out, while Alan Parker, the chief executive of the Whitbread leisure group, has been linked with the post.

Click Here: cheap INTERNATIONAL jersey