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M&S withholds bonuses for a second year
Source: Mintel 04-06-2020

UK 04-06-2020

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M&S executive bonuses will be scrapped for 2020/21, the pay of chief executive Steve Rowe will be frozen and there will be no salary increases across the rest of the business, because of last year’s performance and the impact of the COVID-19 crisis.

No bonus was paid out in 2019/20 because of the performance. Meanwhile, chairman Archie Norman added that the COVID-19 pandemic had forced M&S to operate “in ways never operated before” and M&S staff were now increasingly “multitasking in stores”. Over the past nine weeks, M&S’s 600 food stores have remained open, while the majority of its clothing space had closed in line with government guidance. The retailer is preparing to open the majority of its clothing space on 15 June.