Bumper pay rise for Marks boss

The high street chain's chief executive secured a cash and shares bonus of £2.6 million on top of his £1.05 million salary, itself raised from £975,000 at the beginning of the year.

But Mr Rose was also awarded the maximum shares bonus of four times annual salary - £4.2 million - under the long-term incentive pay plan after helping the group deliver a 28.5% rise in annual profits.

Mr Rose is also set to scoop another £8 million in cash and shares in the current financial year if the double digit growth continues, according to the group's annual report.

Marks & Spencer last year banked pre-tax profits of £965.2 million, up from the £751.4 million in the previous year and close to the £1 billion seen in 1998 before the chain hit more troubled times.

Mr Rose has helped steer the group's return to health since his appointment in 2004 to fend off a bid from Bhs owner Sir Philip Green.

But he is not the only director to share in the profits glory, with a raft of senior directors gaining telephone-number earnings last year.

Finance director Ian Dyson and marketing head Steven Sharp each received the maximum bonuses, £1.3 million each on top of their salaries and not including the long term share plan, which do not vest for three years.

M&S said in the report that the performance share plan offered the potential for up to four times salary - above the usual 200% cap, in "exceptional circumstances", such as for recruitment and retention.

It added that "key individuals" will be awarded over and above the 200% maximum again this year "in order to ensure that the incentives provided by the company are sufficient to retain them over the coming years and to reward them appropriately for achieving excellent results".