(qlmbusinessnews.com . Wed 4th June, 2025) London, UK —
M&S CEO Earns £7M as Cyber Attack Threatens £300M in Profit Loss
The chief executive of Marks & Spencer, Stuart Machin, saw his annual pay packet surge to £7 million, even as the retailer braces for a £300 million hit to profits due to a major cyber attack.
According to M&S’s latest annual report, Mr Machin’s remuneration rose from £5 million last year, driven largely by share awards linked to exceeding performance benchmarks, including strong profit growth. His basic salary climbed to £843,000, with bonuses and pension contributions further boosting the total figure. Share awards alone accounted for £4.5 million — a sharp increase from £2.6 million the previous year.
However, this payout comes just before a significant cyber breach over the Easter weekend that wreaked havoc on M&S’s operations. The attack, believed to be the work of the notorious hacking group Scattered Spider, disrupted click-and-collect services, contactless payments, and online ordering, which remains affected.
M&S’s remuneration committee confirmed it had reviewed the cyber incident when determining performance-based pay but stated no changes were necessary for this year. It did, however, note that next year’s bonuses might be reassessed depending on the ongoing impact.
Chairman Archie Norman acknowledged the scale of disruption caused, saying the repercussions could last “weeks, or even months”. Despite the setback, he remained optimistic: “I am confident that in a year’s time, the cyber incident will be seen as a bump in the road towards growth.”
Police are currently investigating the breach, which is part of a broader pattern of cyber attacks on high-profile UK retailers, including Co-op and Harrods.
In response, M&S has pledged to accelerate its digital transformation to strengthen cybersecurity defences and bolster its resilience against future threats. The company had already committed to £500 million in structural cost savings under Mr Machin’s “reshaping for growth” strategy.
While the cyber attack poses a serious challenge, M&S hopes that with swift action, it can contain the damage and continue its upward trajectory.
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