LONDON — Luc Vandevelde, part-time chairman of Marks and Spencer Group plc, will step down as chairman of Marks & Spencer Financial Services. He will be replaced by Roger Holmes, who earlier succeeded him as chief executive of M&S....
LONDON — Luc Vandevelde, part-time chairman of Marks and Spencer Group plc, will step down as chairman of Marks & Spencer Financial Services. He will be replaced by Roger Holmes, who earlier succeeded him as chief executive of M&S.
Vandevelde, who continues as chairman, also will be handed a new remuneration package in the form of stock to be paid on the basis of 13,500 shares per calendar month. He will no longer be eligible for a bonus or pension contributions.
On Tuesday, M&S shares closed up 9 cents, or 1.7 percent, to $5.31 on the London Stock Exchange. At that price, Vandevelde would earn the equivalent of nearly $72,000 a month or $864,000 a year. Dollar figures have been converted from the pound at current exchange.
“The time has come for me to step into a more traditional role of a chairman,” Vandevelde said in the statement. “It is also a vote of confidence in the team and in the plans for the company, that in the future my remuneration is closely tied to the value which we create for our shareholders and is reflected in the share price.”
Calling the compensation arrangement “unusual and unique,” a spokeswoman for the company said it was proposed by Vandevelde himself and agreed upon by the M&S remuneration committee rather than at the suggestion of shareholders.
As reported, for the fiscal year ended March 31, Vandevelde was paid $2.8 million, including $1.8 million in bonus and benefits. Holmes received $1.8 million in salary and bonuses.
Vandevelde remains chairman of the corporate social responsibility committee, as well as a member of M&S’ nominating committee.
As reported, Vandevelde and Holmes together engineered a rapid turnaround of M&S’ businesses but, despite improved margins and higher market share, exceptional items drove down net income 2.3 percent to $790 million in the year ended March 31. Sales rose 6 percent to $13.3 billion as apparel revenues rose 10 percent to $6.7 billion.
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