Sir Stuart Rose pockets his final £2.6m M&S payout

Marks & Spencer didn't have the most wonderful year and its customers — the backbone of middle England — have certainly been under the weather.

But executive chairman Sir Stuart Rose is in the pink. The outgoing leader of the retail giant took one last pay bonanza from the company he has led since 2004, the annual report reveals, a bonus of £1.1 million that took his total salary to £2.6 million.

Investors who have had little joy from the share price in the past few years might baulk at such rewards but his pay packet is far from out of the ordinary when compared with his rivals. Indeed — though he is unlikely to say so — Rose could plausibly claim to be underpaid.

Justin King of Sainsbury's made a staggering £8 million last year, and Sir Terry Leahy of Tesco took home £5 million.

Both of those firms are regarded as performing better than M&S, but Rose's defenders would point out that his job is more difficult given the attention the company attracts.

Last month Sir Stuart presided over his final results presentation as he announced profits of £632 million - a rise of 5% but a long way from the £1 billion achieved two years ago.

He has made way for Marc Bolland, who has just joined from Morrisons as chief executive. Rose remains on hand for advice but will leave the company by March next year. Sir Stuart also holds shares in M&S worth more than £4 million at today's price of 336p.

Bolland himself could make £15 million from M&S in the next few years if he hits performance targets. The first tranche of that reward arrived today in the form of more than one million shares.

He oversees an executive team that is also well paid.

Kate Bostock, the head of clothing sometimes described as the woman who dresses Britain, got £1.6 million including an £807,000 bonus. Finance director Ian Dyson, heading to Punch Taverns, got £1.5 million, and marketing guru Steven Sharp was paid £1.4 million.

What Rose plans to do next is unclear but he has indicated that he is available for hire. "I am like a girl who has not been asked on a date," he said recently.