The chief executive of Britain's largest clothing retailer Marks & Spencer saw his overall remuneration package fall by a third in 2012-13, a year when the firm posted its lowest annual profit since 2009. Marc Bolland, who has been chief executive since 2010, received total remuneration of 2.14 million pounds ($3.29 million) in 2012-13, down from 3.2 million pounds in the previous year, the firm's annual report published on Thursday showed.
Though Bolland declined the M&S remuneration committee's offer of a 2 percent pay rise to his basic annual salary of 975,000 pounds, the third year running he has done so, he did accept a 25 percent rise in his bonus to 829,000 pounds. The bonus was 42.5 percent of his maximum bonus potential of 200 percent of salary. Last year he received a bonus of 663,000 pounds, 32 percent of the maximum potential.