Retail high-flyers at Burberry, Marks & Spencer and Sainsbury's hit by hefty pay cuts – but they still pocketed £13.5m between them
Three of the UK’s most high-profile retail bosses received hefty pay cuts but still bagged £13.5million between them.
Burberry, Marks & Spencer and Sainsbury’s all released their annual reports yesterday, detailing the lavish awards handed to their top management.
At the head of the queue was Angela Ahrendts, the former chief executive of Burberry, who received pay and perks worth just under £8million in the year to March 31.
Pay: Ahrendts, has become synonymous with bumper pay and perks, and became the first woman to top Britain¿s executive pay league
The figure, which included a £25,000 clothing allowance, represented a 27 per cent cut from last year but is still enough to buy 6,695 of Burberry’s famous trenchcoats.
She is also entitled to shares worth £1.7million from bonuses awarded in previous years.
The high-flying American will miss out on share awards worth more than £17million which were due to pay-out in future.
But she has already received up to £40million in shares at her new employer Apple, which she joined last month as head of its sprawling retail empire.
Ahrendts, has become synonymous with bumper pay and perks, and became the first woman to top Britain’s executive pay league in 2012/13.
But she has won the admiration of shareholders and been credited with transforming Burberry into a leading luxury fashion brand, shedding the ‘chavvy’ image once associated with the famous Burberry check.
Outgoing Sainsbury’s chief executive Justin King saw his pay package cut 9.6 per cent to £3.95million, but he was the only boss of a listed supermarket to receive a bonus.
His windfall for last year was £781,000, as he oversaw a 5.3 per cent rise in profits to £798million. He will also walk off into the sunset next month with up to £8.7million in shares and share bonuses under his belt.
Over at Marks & Spencer, all seven board members, including under fire chief executive Marc Bolland, had to make do without a bonus after a dismal year.
Bolland saw his annual package fall more than a quarter from £2.14million to £1.59million.
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