Latest news with #Machin
Yahoo
21 hours ago
- Business
- Yahoo
Marks & Spencer boss' pay deal surges to £7.1million
The boss of Marks and Spencer has seen his pay package soar to £7.1million, as he leads the retailer through the disruption of a damaging cyber attack. Stuart Machin, chief executive of the high street giant since 2022, received the bumper pay deal after a sharp rise in performance-linked bonuses. The company's latest annual report revealed that Mr Machin saw his total pay deal, including bonuses and benefits, rise by 39% to £7.1million for the year to March 2025. His pay package included £4.6million of long-term performance-based bonuses, which he cannot access for at least two more years, as well as a £1.6 million bonus linked to M&S's performance over the year. He also received around £894,000 of fixed pay and pension benefit for the year. Bosses confirmed in the report that Mr Machin's fixed salary will increase by 2% for the new financial year. The closure of Bolton's Marks and Spencer has left a large gap on Deansgate since the retailer shut down in April 2023 citing 'changing shopping habits'. This sparked widespread concerns about the state of the high street. The council first bought the Marks and Spencer building in 2019 for around £15million in advance of its plans to redevelop the town centre. It is understood that the firm's remuneration committee did not take the recent cyber attack into account regarding the pay deal, as this took place following the year end. However, it is expected to consider this when calculating executive pay deals for 2025-26. READ MORE: He received the higher pay deal after leading the company through a major turnaround strategy which has seen M&S return its clothing and home sales to growth and boost profitability. In April, shares in the company rose to their highest level for almost nine years due to improving trading. However, the retailer – which runs 565 stores across the UK – has faced heavy disruption since the Easter weekend after being struck by a major cyber attack. M&S halted orders on its website and saw empty shelves after being targeted by hackers. Customer personal data, which could have included names, email addresses, postal addresses and dates of birth, was also taken by hackers in the attack. M&S is still unable to process any online orders, although it is understood the retailer is hoping to partly restore this within two to three weeks. Mr Machin told reporters that hackers gained access to the company's IT systems through a third party after 'human error'. In the annual report, M&S chairman Archie Norman said the significant impact of the hack – which is expected to cost the firm around £300 million – is likely to 'endure for some weeks, or even months'. He added: 'I am confident that in a year's time the cyber incident will prove to have been a bump in the road along the path to growth, even if it does not feel like that today. 'However, coming on top of a very strong trading year it has stretched the sinews of the management team and we have seen an extraordinary response from our colleagues in the support centre, in our logistics centres and particularly in our stores.' An M&S spokeswoman said: 'CEO pay is decided by the board and reflects performance against stretching pre-set targets. 'Almost 90% of Stuart's pay is linked to performance of the business and the share price – therefore his total pay for full-year 2025 reflects the strong performance and growth of M&S under his leadership over the last three years. 'Over 75% of Stuart's pay is made up of long-term and deferred share awards, subject to waiting periods and tied to future share price performance. 'This year, our strong performance meant we could make our biggest ever investment in store colleague pay. 'Additionally, over 5,000 colleagues, including store managers, received a bonus. We also returned more value to shareholders with an increased dividend payment.'
Yahoo
a day ago
- Business
- Yahoo
M&S boss's pay jumps to £7m as retailer battles cyber attack
The Marks & Spencer boss's pay jumped to more than £7m weeks before a devastating cyber attack crippled the retailer and halted online orders. Stuart Machin received £7.1m in the year to March 2025, a 39pc increase on the previous 12 months, which the company credited to an improvement in the company's share price. However, just weeks later the company's stock plunged after a hack in which the retailer's customer data were stolen and IT systems frozen. More than £1bn was wiped from the value of M&S in the days after the breach emerged. M&S confirmed in May that the cyber attack would knock an estimated £300m off its profits this year after the retailer was forced to halt online orders. Shelves were left empty as it struggled to manage without crucial IT systems, while M&S admitted to customers that their personal information may have been stolen. Mr Machin's pay packet included a £894,000 salary and £6.2m in variable pay, much of it tied to the share price performance of the retailer, according to M&S's annual report. He will receive a 2pc increase in base pay from July. The retailer's executive remuneration committee said it had decided that 'no adjustments' were needed to the chief executive's pay over the past year, despite the hack. It also said it had 'agreed to delay' setting its executive bonus plans for 2026. 'Given the cyber incident, [the committee] is reviewing the performance metrics and targets,' the company's annual report said. Online orders are still unavailable and M&S has said it expects disruption from the hack to continue until July. Archie Norman, the M&S chairman, said in the company's report the impact would 'endure for some weeks, or even months'. He added he believed the cyber attack would be a 'bump in the road along the path to growth, even if it does not feel like that today'. Earlier this month, M&S posted a 22pc jump in profits to £876m in the year to March, as sales jumped 6pc to almost £14bn. The cyber attack on M&S has been blamed on a gang known as Scattered Spider, a group believed to be made up of British and American teenage hackers that has targeted businesses around the world. The hackers have also been blamed for a cyber attack on the Co-op. The hackers were able to infiltrate M&S by tricking its IT helpdesk staff into handing them access to its internal systems. From there, they were able to steal data and install ransomware. This kind of malware encrypts a company's systems, with the hackers demanding payment to unlock them. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Fashion Network
a day ago
- Business
- Fashion Network
M&S CEO Stuart Machin sees 39% pay rise to $9.6 million in 2024/25
British retailer Marks & Spencer 's CEO Stuart Machin received a 39% increase in total compensation, rising to £7.1 million ($9.6 million) for the year ended March 2025, according to the company's annual filing on Monday. The pay rise was primarily driven by performance-linked awards, which surged 74% to £4.6 million. For salaries effective July 2025, the company's remuneration committee approved a 2% increase for Machin, raising his base salary to £865,694. ($1 = £0.7379) © Thomson Reuters 2025 All rights reserved.
South Wales Argus
2 days ago
- Business
- South Wales Argus
Marks & Spencer boss's pay deal surges to £7.1m
Stuart Machin, chief executive of the high street giant since 2022, received the bumper pay deal after a sharp rise in performance-linked bonuses. The company's latest annual report revealed that Mr Machin saw his total pay deal, including bonuses and benefits, rise by 39% to £7.1 million for the year to March 2025. The retailer has been affected by the fallout of a cyber attack over the past two months (Yui Mok/PA) His pay package included £4.6 million of long-term performance-based bonuses, which he cannot access for at least two more years, as well as a £1.6 million bonus linked to M&S's performance over the year. He also received around £894,000 of fixed pay and pensions benefit for the year. Bosses confirmed in the report that Mr Machin's fixed salary will increase by 2% for the new financial year. He received the higher pay deal after leading the company through a major turnaround strategy which has seen M&S return its clothing and home sales to growth and boost profitability. In April, shares in the company rose to their highest level for almost nine years due to improving trading. However, the retailer – which runs 565 stores across the UK – has faced heavy disruption since the Easter weekend after being struck by a major cyber attack. M&S halted orders on its website and saw empty shelves after being targeted by hackers. Customer personal data, which could have included names, email addresses, postal addresses and dates of birth, was also taken by hackers in the attack. M&S is still unable to process any online orders, although it is understood the retailer is hoping to partly restore this within two to three weeks. Mr Machin told reporters that hackers gained access to the company's IT systems through a third party after 'human error'. In the annual report, M&S chairman Archie Norman said the significant impact of the hack – which is expected to cost the firm around £300 million – is likely to 'endure for some weeks, or even months'. He added: 'I am confident that in a year's time the cyber incident will prove to have been a bump in the road along the path to growth, even if it does not feel like that today. 'However, coming on top of a very strong trading year it has stretched the sinews of the management team and we have seen an extraordinary response from our colleagues in the support centre, in our logistics centres and particularly in our stores.' An M&S spokeswoman said: 'CEO pay is decided by the board and reflects performance against stretching pre-set targets. 'Almost 90% of Stuart's pay is linked to performance of the business and the share price – therefore his total pay for full-year 2025 reflects the strong performance and growth of M&S under his leadership over the last three years. 'Over 75% of Stuart's pay is made up of long-term and deferred share awards, subject to waiting periods and tied to future share price performance. 'This year, our strong performance meant we could make our biggest ever investment in store colleague pay. 'Additionally, over 5,000 colleagues, including store managers, received a bonus. We also returned more value to shareholders with an increased dividend payment.'
North Wales Chronicle
2 days ago
- Business
- North Wales Chronicle
Marks & Spencer boss's pay deal surges to £7.1m
Stuart Machin, chief executive of the high street giant since 2022, received the bumper pay deal after a sharp rise in performance-linked bonuses. The company's latest annual report revealed that Mr Machin saw his total pay deal, including bonuses and benefits, rise by 39% to £7.1 million for the year to March 2025. His pay package included £4.6 million of long-term performance-based bonuses, which he cannot access for at least two more years, as well as a £1.6 million bonus linked to M&S's performance over the year. He also received around £894,000 of fixed pay and pensions benefit for the year. Bosses confirmed in the report that Mr Machin's fixed salary will increase by 2% for the new financial year. He received the higher pay deal after leading the company through a major turnaround strategy which has seen M&S return its clothing and home sales to growth and boost profitability. In April, shares in the company rose to their highest level for almost nine years due to improving trading. However, the retailer – which runs 565 stores across the UK – has faced heavy disruption since the Easter weekend after being struck by a major cyber attack. M&S halted orders on its website and saw empty shelves after being targeted by hackers. Customer personal data, which could have included names, email addresses, postal addresses and dates of birth, was also taken by hackers in the attack. M&S is still unable to process any online orders, although it is understood the retailer is hoping to partly restore this within two to three weeks. Mr Machin told reporters that hackers gained access to the company's IT systems through a third party after 'human error'. In the annual report, M&S chairman Archie Norman said the significant impact of the hack – which is expected to cost the firm around £300 million – is likely to 'endure for some weeks, or even months'. He added: 'I am confident that in a year's time the cyber incident will prove to have been a bump in the road along the path to growth, even if it does not feel like that today. 'However, coming on top of a very strong trading year it has stretched the sinews of the management team and we have seen an extraordinary response from our colleagues in the support centre, in our logistics centres and particularly in our stores.' An M&S spokeswoman said: 'CEO pay is decided by the board and reflects performance against stretching pre-set targets. 'Almost 90% of Stuart's pay is linked to performance of the business and the share price – therefore his total pay for full-year 2025 reflects the strong performance and growth of M&S under his leadership over the last three years. 'Over 75% of Stuart's pay is made up of long-term and deferred share awards, subject to waiting periods and tied to future share price performance. 'This year, our strong performance meant we could make our biggest ever investment in store colleague pay. 'Additionally, over 5,000 colleagues, including store managers, received a bonus. We also returned more value to shareholders with an increased dividend payment.'
