M&S’ new co-Chief Executive Katie Bickerstaffe will earn a salary of £750,000 a year for a four-day week role, the British retail chain has revealed. This will mean that, pro-rata, she is earning £140,000 more than her co-Chief Executive Stuart Machin, to whom she will be reporting. Machin is on a salary of £800,000 a year.
Together with Eoin Tonge, the company’s CFO, who will take on an enlarged strategy role, Bickerstaffe and Machin are set to replace outgoing CEO Steve Rowe, who is credited with turning the business round, and bringing it into the black after the pandemic, to the tune of pre-tax profits of £392million last month compared with a loss of £209million last year. Some analysts have described the top leadership team triad as a ‘fudge’, according to, but M&S’ Chair Archie Norman has argued strongly against this, stating that the three “fly in formation”. He added that M&S requires an “unconventional” approach to leadership due to the ongoing need for turnaround work as well as the home, clothing and food businesses.
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