Marc Bolland recently left Morrisons to become the chief executive at Marks and Spencer for a basic salary of £975,000 but there is some controversy regarding additional bonuses and payments, which will actually bring Mr Bolland’s salary to over £15 million.
If Mr Bolland can hit certain sales targets he will get a rather nice bonus of £6.3 million pounds, but that’s not all. On top of this, the lucky Mr Bolland will also receive £7.5 million in lieu of bonuses he MAY have received while at Morrison’s. Nice work if you can get it!
Some shareholders are now saying that this contract may be a little too generous.... maybe just a little? In relation to the current business performance of the company, this salary is far above the norm and it is certainly better than the cost of living that most ordinary people can only dream of.
Some shareholders have even questioned the head hunting of Mr Bolland from another company, and if they had recruited internally, then that would have saved the company the £7.5 million of bonuses in lieu and we all know how big I am on saving money, so I agree with them.
Only time will tell if Marc Bolland is worth this massive salary, and hopefully M&S profits will skyrocket in order to cover these new overheads. So let’s help them boost their sales the only way we can, go shopping!!!
Shoppingvouchers.co.uk currently have several special offers on site for Marks and Spencer, although be aware, some have limited expiry times, although you can get 30% off wines until the 8th August 2010, 20% off dresses until 23rd July 2010 and 2 short sleeved fair trade t-shirts for £8 also until 23rd July 2010. Click here to see all those amazing offers.
From PSP’s to peonies there are printable vouchers and money off codes to cover almost everything you need from your local Marks and Spencer’s store, and shoppingvouchers.co.uk make sure you save money too. Happy shopping!!
