M&S CEO Stuart Machin earns £7.1 million amid cyber attack fallout

In the UK, Stuart Machin, the chief executive of Marks and Spencer (M&S), reported a significant rise in his pay package, which surged to £7.1 million for the financial year ending in March 2025. This increase, amounting to a 39% rise, is largely attributed to performance-related bonuses, highlighting his role in the firm's comeback strategy that returned clothing and home sales to growth. The pay package included £4.6 million in long-term bonuses, which he will not have access to for at least two years, along with a £1.6 million year-specific performance bonus. Additionally, he received fixed pay and pension benefits totaling around £894,000. The report stated that Machin’s fixed salary will see a modest increase of 2% for the new financial year. Despite these financial successes, M&S has faced significant disruptions due to a major cyber attack that occurred shortly after the Easter weekend. This attack forced the retailer to halt online orders, resulting in empty shelves across its 565 UK stores. Hackers managed to compromise M&S's IT systems through a third party during a period characterized by 'human error', leading to the theft of customer personal data including email addresses and dates of birth. M&S has not yet resumed processing online orders but is optimistic about partial restoration within two to three weeks. Archie Norman, M&S's chairman, noted that the cyber incident’s financial implications could reach around £300 million, and its effects might linger for weeks or potentially months. He expressed confidence that M&S would overcome this setback, framing it as a temporary obstacle on the path to growth. Discussions regarding CEO remuneration highlighted that nearly 90% of Machin’s pay is linked to performance metrics and M&S's share price, signifying a strong alignment between executive compensation and company success. This year’s robust performance allowed for significant investments in colleague pay, with over 5,000 employees benefiting from bonuses. In conclusion, while Stuart Machin's remuneration reflects M&S’s recovery and financial performance, the recent cyber attack poses challenges that the company must navigate moving forward.