Marc Bolland to get £15 million first year pay as M&S boss

Marc Bolland to get £15 million first year pay as M&S bossScheduled to join Marks & Spencer (M&S) as the new Chief Executive in May this year, Marc Bolland will receive a hefty £15 million package in the first year of his joining. Bolland has moved from Morrisons to M&S.

Bolland's package includes £7.5 million compensation for a 'number of awards forfeited by his departure from Morrisons', the company said in a statement. This includes £1.6 million in cash and a further £5.9 million in shares. In addition, Bolland will draw a basic pay of £975,000 and a bonus up to 250 per cent of his salary. At Morrison, Bolland received £1.7 million in 2009 as his total pay.

Bolland's appointment, which was announced in November and was greeted well by investors and analysts, has now received strong criticism after details of his compensation package were revealed. The package has been tagged as 'excessive' by most of the analysts.

However, analysts also believe that if Bolland manages to deliver what is expected from him, then he will be worth every penny spent on him. The high street retailer expects Bolland to revive its ailing fortunes.