The Daily Mail has blasted Marks & Spencer for 'rewarding failure' as successive bosses pocketed nearly £28 million in pay amid a long-term profits slump and a £7 billion drop in the retailer's value.
“It is impossible to look at these numbers without reaching the conclusion that shareholders have been paying a rising price for a deteriorating performance,” Richard Hyman, a retail analyst, told The Daily Mail.
“Marks & Spencer isn't alone in this. In the corporate world the disconnection between the remuneration packages of the top people and their performance is truly alarming. Over this period M&S has weakened, there's no question about that. It particularly weakened under Marc Bolland and the numbers reflect that.”
The retailer has embarked on a massive transformation plan to cut costs and win back customers, including closing a large number of stores. It did not respond to our request for comment on The Daily Mail article.