Marc Bolland set to earn £15m in first year at M&S

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Marc Bolland, the newly appointed chief executive at Marks & Spencer, stands to earn £15m in his first year in the role.

Bolland will join Marks & Spencer on 1 May 2010, having been released six months early from his 12 month contractual agreement with Morrisons.

Bolland’s remuneration will comprise a £975,000 salary, annual bonus potential of up to 250% of salary, and an annual award of shares under the company’s performance share plan. In 2010/11 this will be an exceptional award worth 400% of salary.

Additionally, Marks & Spencer is compensating Bolland in lieu of a number of awards forfeited by his departure from Morrisons.

This comprises £1.6m in cash and £1m worth of shares to compensate for loss of bonus and shares that would have vested in 2010; and a restricted share award worth £1m and a performance share plan worth £3.9m to compensate for shares that would have vested in 2011 and 2012.

Marks & Spencer said it “looks forward to welcoming Marc on 1 May”.

Last week Morrisons appointed Dalton Phillips, chief operating officer at the Canadian retailer Loblaw, as its new chief executive.