Marks & Spencer chief Marc Bolland was branded as the “Bob Diamond of retail” as he faced shareholders at the annual general meeting in London today.
The news comes after the company announced the departure of the head of general merchandise Kate Bostock. She will be replaced by John Dixon, who currently heads the retailer’s food business.
Bolland received flak from shareholders who raised questions about the retail chain’s disappointing sales figures and “excessive” pay. However, only 5% of shareholders opposed Bolland’s re-election.
The retail chain’s total group sales fell by 0.7% and like-for-like sales, excluding the new stores, fell by 2.8%.
Pre-tax profits for the year to the end of March were £658m, down 16% from the previous year’s £781m.
Bolland saw his basic annual package rise by 4% last year to £1.7m and could receive £6m in payments and incentives.
Back in January, LondonlovesBusiness.com columnist and LBC presenter James Max blamed Bolland for M&S’ “cheap and tawdry” supermarkets.
“If you look at the stores that have received a facelift since Mr Bolland took over, they have used faux (and rather cheap looking) theatre lights. A mish mash layout with poor design and a belated obsession with celebrity,” Max wrote.
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