Finance
M&S boss received 39% pay hike in 2024/25 before cyberattack
Published by Global Banking & Finance Review®
Posted on June 2, 2025
2 min readLast updated: January 23, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on June 2, 2025
2 min readLast updated: January 23, 2026
M&S CEO Stuart Machin's pay increased by 39% to £7.1M in 2024/25 amid recovery from a cyberattack that cost the company £300M in lost profit.
LONDON (Reuters) -Marks & Spencer's Chief Executive Stuart Machin saw his total pay package increase 39% to 7.1 million pounds ($9.6 million) in the British retailer's 2024/25 financial year, its annual report showed on Monday.
Following a damaging cyberattack in April this year, from which M&S is still recovering, the company's Remuneration Committee considered whether any adjustments were needed to the incentive outcomes for the year to March 29, 2025, but concluded that no changes were required, the report said.
M&S' Remuneration Committee plans to re-visit the matter of the cyberattack before next year's annual report.
The group's profit before tax and adjusting items rose 22% in the 2024/25 year and its share price jumped 38% in 2024.
The cyberattack, first disclosed on April 21, compromised customer data and has left M&S unable to accept online orders for clothing and homewares for over five weeks.
M&S said last month it expected online disruption to continue throughout June and into July and forecast the attack would cost it about 300 million pounds in lost operating profit in its 2025/26 year.
Machin's 7.1 million pounds for 2024/25 was made up of salary and pension benefit of 894,000 pounds, a bonus of 1.64 million pounds and a vested performance share plan of 4.56 million pounds.
A spokesperson for M&S said almost 90% of Machin's pay was linked to the performance of the business and its share price, with his package reflecting growth under his leadership over the last three years.
"Over 75% of Stuart's pay is made up of long-term and deferred share awards, subject to waiting periods and tied to future share price performance," the spokesperson said.
M&S chairman Archie Norman said the group would "bounce back better and stronger".
"I am confident that in a year's time the cyber incident will prove to have been a bump in the road along the path to growth, even if it does not feel like that today," he wrote in the report.
($1 = 0.7379 pounds)
(Reporting by James Davey in London and DhanushVignesh Babu in Bengaluru; Editing by Shailesh Kuber and Susan Fenton)
M&S CEO Stuart Machin's total pay package increased by 39% to £7.1 million in the 2024/25 financial year.
The cyberattack compromised customer data and disrupted online orders for over five weeks, costing M&S about £300 million in lost operating profit.
Almost 90% of Machin's pay is linked to the performance of the business and its share price, with over 75% made up of long-term and deferred share awards.
M&S chairman Archie Norman expressed confidence that the company would 'bounce back better and stronger' from the cyber incident.
M&S first disclosed the cyberattack on April 21, 2024.
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