Sacked M&S Head of Food Earned More than £1m For Just 112 Days’ Work
Monday, June 8, 2009 14:48
Poached with a reputed £500000 “golden hello” from Waitrose, where he was managing director, former head of M&S food—Steven Esom was seen as a potential successor to Sir Stuart Rose as M&S chief executive after being apoointed to the retailer’s board in March. However, after poor sales led to M&S losing market share, Mr Esom was dismissed by M&S in July last year.
Added to the £134000 salary and £42000 worth of benefits he received in the period, along with the £294000 he was paid in the previous financial year, Mr Esom’s pay package for his entire stint at M&S was £1.038 million. Since his spell on the M&S board lasted from March 10 to July 1 last year, it means that Mr Esom was paid the equivalent of £9267.86 per day during his stint as an executive director, or £386.16 per hour.
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