Marks & Spencer boss to get 'golden hello'

Marks & Spencer's new boss Marc Bolland will start in May on a near-£1m (1.14m) salary and a "golden hello" worth £3.9m (€4.46m) in shares, the retailer announced today.

The former Morrisons chief executive has been released six months early from his 12 month contract with the supermarket to take on the top job at M&S on May 1.

His £975,000 (€11.12m) salary is just short of current M&S boss Stuart Rose's £1.13m (€1.3m) basic pay, but M&S said it would pay cash and shares awards worth up to a potential £6.3m (€7.21m) - including an "exceptional" long-term incentive award worth 400% of salary in his first year.

Mr Bolland will also pick up cash and shares payments worth £7.5m (€8.6m) in lieu of payments he would have received at Morrisons.