'Challenging period' | M&S axes all staff bonuses after major cyber attack hits profits hard

Marks & Spencer has scrapped bonuses for its entire workforce, including senior leaders and store managers, after a major cyber attack contributed to plummeting profits.

The decision means around 63,000 employees, including chief executive Stuart Machin and chairman Archie Norman, will not receive a bonus this year following the disruption and financial fallout linked to the incident.

According to The Times, board members, senior executives and store managers across M&S’s 1,000+ stores are among those affected, as the retailer seeks to demonstrate accountability following the cyber attack.

Machin said the move had been agreed in light of the impact on business performance.