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STUART MACHIN RECEIVED 39% BUMP FOR YEAR ENDING MARCH THANKS TO SHARP RISE IN PERFORMANCE-LINKED BONUSES. 15:08, 02 Jun 2025 The Marks and Spencer boss’s pay package soared to £7.1 million
just weeks before the massive cyber-attack. Stuart Machin received 39% bump for year ending March thanks to sharp rise in performance-linked bonuses. Mr Machin received £7.1m for last
financial year, up nearly 40% on the £5.1m he took home a year earlier, according to its annual report. On top of £894,000 of fixed pay and pensions benefit for the year, Machin received
£1.6m in bonus linked to the retailer’s performance. He also received £4.6m in long-term performance-based bonuses, which he cannot access for at least two more years. He will also receive a
2% pay rise from July, taking his annual salary to £865,700. READ MORE SMART MOTORWAYS COULD BE SCRAPPED FROM ENGLAND ENTIRELY The M&S chair, Archie Norman, said in the annual report
that the impact of the cyber-attack was likely to “endure for some weeks, or even months”. Article continues below He added: “I am confident that in a year’s time the cyber incident will
prove to have been a bump in the road along the path to growth, even if it does not feel like that today. after newsletter promotion “However, coming on top of a very strong trading year it
has stretched the sinews of the management team and we have seen an extraordinary response from our colleagues in the support centre, in our logistics centres and particularly in our
stores.” Article continues below “Almost 90% of Stuart’s pay is linked to performance of the business and the share price – therefore his total pay for FY25 [financial year 2024-25] reflects
the strong performance and growth of M&S under his leadership over the last three years,” a spokesperson for M&S, which has stores in Birmingham and Solihull, said. “Over 75% of
Stuart’s pay is made up of long-term and deferred share awards, subject to waiting periods and tied to future share price performance.”