M&S CEO Pay Soars to £7M Amid Cyber Attack Fallout
Marks & Spencer CEO Stuart Machin’s compensation package reached £7m before cyber security challenges
Executive Compensation Highlights
Marks & Spencer’s chief executive Stuart Machin saw his total compensation package surge to £7 million in the past fiscal year, a significant increase from the previous year’s £5 million. This substantial rise primarily came from:
- £4.5m in share awards (up from £2.6m)
- £1.6m bonus (a £100,000 increase)
- £843,000 base salary
- Standard pension contributions
The remuneration committee approved these payments after Machin met performance targets including profit growth, despite the subsequent cyber attack that disrupted operations.
Cyber Attack Impact
In April, M&S suffered a major cyber incident that:
✔ Disrupted online orders for weeks ✔ Affected contactless payments ✔ Caused stock management issues ✔ Expected to cost £300m in profits
While insurance will cover some losses, the company acknowledges service disruptions will continue into July. The attack has been linked to Scattered Spider, a group of English-speaking hackers also responsible for breaches at Harrods and Co-op.
Leadership Response
Chairman Archie Norman remains optimistic, calling the incident “a bump in the road” in the company’s growth path. Meanwhile, M&S is:
- Accelerating digital transformation plans
- Reinforcing cyber defenses
- Implementing structural cost reductions
Machin, who became CEO three years ago, continues his “reshaping for growth” strategy that includes £500m in cost-cutting measures.
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