M&S boss agrees to 25% pay cut

Marks & Spencer bowed to pressure from investors today after chairman Stuart Rose agreed to a 25% pay cut for his final months with the high street giant.

Rose's salary will be cut from £1.16m (€1.3m) to £875,000 (€979,014) and he will lead the search for a new independent non-executive chairman before finally leaving M&S in March 2011.