LONDON, June 5 (Reuters) - Marks & Spencer boss MarcBolland, under pressure to revive the British retailer'sunderperforming non-food business and halt falling profits, hastaken a 26 percent pay cut after missing out on a bonus anddeclining a pay rise.
In its annual report published on Thursday, M&S, Britain'sbiggest clothing retailer, said Bolland was paid a total of 1.58million pounds ($2.7 million) in its 2013-14 fiscal year, downfrom 2.14 million a year before.
M&S had said in May that no-one in the company would receivea bonus this year as performance targets had not been met. Thelast time M&S did not pay any bonus was in its financial year2008-09.
The company also said Bolland, as well as its otherexecutive directors, had requested not to receive a salaryincrease. Bolland's 975,000 pounds salary has not risen sincehis appointment in 2010.
By contrast, salaries for all employees in the UK wereincreased by an average 2 percent, the report said.
Bolland has spent 2.3 billion pounds over the last threeyears addressing decades of under-investment at M&S, aiming totransform it into an international retailer reaching customersthrough stores, the web and mobile devices.
Though he has spent heavily on redesigning products andstores and on overhauling logistics to complement a new internetplatform, a new clothing team he set up in 2012 has so farfailed to deliver a durable pick-up in sales.
The group in May posted a 3.9 percent fall in underlyingpretax profit for the year to March 29, its third straightdecline, and warned its new website would dent first-quartersales figures as it "settles in".
($1 = 0.5969 British Pounds) (Reporting by Neil Maidment; Editing by David Holmes)
Marks & Spencer (MKS)