Former Morrisons boss Marc Bolland is joining Marks and Spencer Group as chief executive on May 1 on a salary of £975,000.
Morrisons has agreed to release him six months early from his 12-month contractual agreement with the supermarket chain.
Marks & Spencer today also confirmed details of Bolland’s remuneration package.
His on-going 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 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.
Source: Marks & Spencer
