Mon, 02 Jun 2025

Mon, 02 Jun 2025 M&S boss's pay hit £7m before cyber attack chaos

Stuart Machin's money is not affected by the IT disruption but it will be considered for next year's pay.
M&S CEO Stuart Machin's total yearly pay package rose to £7m, largely due to share awards from meeting performance targets such as profit growth. The increase came despite a cyber attack on the retailer in April that disrupted online orders and contactless payments, causing expected losses of £300m. M&S said it would revisit Machin's compensation next year, taking into account the impact of the cyber attack. The retailer expects insurance to cover some of the financial hit, but issues with its online services will persist until July. In the latest annual report, Machin's basic salary rose by £30,000 to £843,000, while his bonus grew by £100,000 to £1.6m. Share awards accounted for a significant portion of his pay increase, rising from £2.6m to £4.5m. The cyber attack, attributed to the Scattered Spider group, also affected Co-op and Harrods. M&S is accelerating its digital transformation plans to improve its cyber defences.
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