Marks & Spencer doubles payout for outgoing boss to £2.6m

M&S to pay Steve Rowe 1.6m annual bonus atop 1m salary with 4,500 staff also gaining first bonus in five years

Marks & Spencer's former boss more than doubled his pay to 2.63m last year after getting his first bonus since 2017 as the cost of living crisis intensifies for customers.

Steve Rowe, who stepped down as chief executive last month, will not receive a pay-off but will continue to be employed as a consultant being paid up to 843,000 for up to a year after ceasing full-time employment for M&S after the group's annual shareholder meeting on 5 July.