M&S boss takes his pay in shares

MARKS & Spencer's part-time chairman Luc Vandevelde today announced plans to give up his cash salary and take his remuneration in the stores group's shares.

M&S said it would pay him 13,500 shares a month, which at today's price of 321p equals an annual salary of £520,000.

Vandevelde, credited with its dramatic recovery over the past three years, said the change would more closely tie his remuneration to the value created for shareholders.

Vandevelde also signalled he would take more of a back seat at M&S, announcing that chief executive Roger Holmes was 'now firmly established' and that the leadership transition was completed. He is stepping down from his role as chairman of the financial services arm, to be succeeded by Holmes.

Vandevelde spends 60% of his time at M&S and last year - during which he gave up the chief executive position - was paid £1.7m.