Latest news with #StuartMachin
Fashion Network
10 hours ago
- Business
- Fashion Network
M&S CEO Stuart Machin sees 39% pay rise to £7.1 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.
Fashion United
a day ago
- Business
- Fashion United
The North Face and Cartier join growing list of cyber attack targets
Sports brand The North Face and jewellery label Cartier are said to have become the latest fashion retailers to face cyber attacks. According to the BBC, North Face had contacted some customers revealing that it had discovered a 'small-scale' attack in April. Hackers were reported to have targeted the brand through 'credential stuffing', a technique where attackers try usernames and passwords from another data breach in the hope customers will have used the same passwords. North Face noted that the attackers may have been able to gain access to some users' shipping addresses and purchase histories, and as such, impacted customers were urged to change their passwords. In an email to customers seen by the BBC, meanwhile, Cartier said 'an unauthorised party gained temporary access to our system' and 'obtained limited client information', not including financial data. Before noting that the incident had been reported to the relevant authorities, Cartier added: 'We contained the issue and have further enhanced the protection of our systems and data.' North Face and Cartier join the likes of Adidas, Harrods, Dior, Victoria's Secret and Marks & Spencer in a growing list of fashion retailers to have reported data breaches over the past two months. While it now seems that North Face had also been tackling an incident as early April, initially a suspected ransomware attack at Marks & Spencer had first appeared to have triggered the chain reaction. The British department store retailer has since seen over 1.2 billion pounds shed off its market value, while CEO Stuart Machin is further said to be facing a 1.1 million pound pay reduction in the incident's wake. FashionUnited has contacted The North Face's parent company VF Corp and Cartier with requests to comment.
Yahoo
2 days 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.'
Daily Mail
2 days ago
- Business
- Daily Mail
M&S boss trousered more than £7m last year - before firm was hit crippling cyber attack
Marks & Spencer's boss was paid more than £7million last year – before the firm was hit by a crippling cyber attack. Stuart Machin saw his pay jump to £7.1million in the 12 months to March 29 from £5.1million the previous year. The details, published in the annual report yesterday, came as the High Street stalwart grapples with the fallout from a hack that has left it unable to sell clothes online for more than a month. An M&S spokesman said Machin's pay – which saw his basic salary of £843,000 topped up with bonuses and other awards – 'reflects the strong performance and growth of M&S under his leadership over the last three years'. Machin, 55, and chairman Archie Norman have overseen a dramatic turnaround at M&S. The share price has soared, taking the firm back into the FTSE 100. Profits have hit their highest level for more than 15 years. Machin's salary is set to increase by 2 per cent this year to £866,000. But there are questions over his bonus for the current year after the cyber hack, which the business estimates will cost it £300million. M&S said it is 'reviewing the performance metrics and targets' for its share award plan due to the cyber attack and will disclose these before the end of the year. Shares hit a nine-year high earlier this year, but have plunged by 9 per cent since details of the hack emerged over the Easter bank holiday. Shares yesterday gained 1.6 per cent to 380.3p. Norman said the incident had caused a 'significant' impact which 'will endure for some weeks or even months'. But 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.' And Machin, who has led the firm since 2022, said: 'There is no change to our strategy and our longer-term plans to reshape M&S for growth and, if anything, the incident allows us to accelerate the pace of change as we draw a line and move on.' Customers' personal data, which is thought to have included names and contact details, was taken by the criminals. And the disruption last month resulted in some empty shelves in shops as well as forcing the retailer to suspend online shopping. Cyber criminals have also targeted the Co-op, Harrods, Christian Dior and Victoria's Secret in recent weeks.
Yahoo
2 days 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
