Stuart Rose, the chief executive of Marks & Spencer, earned £7.8 million in cash and shares last year after returning the high street giant to health.

The M&S boss nearly doubled his bonus to £2.6 million, 40 per cent of which he received in cash and the rest in shares.

The bumper bonus is equal to 2.5 times his basic salary, which stands at £1.05 million after a 10 per cent rise in January.

Mr Rose was also handed 594,395 shares worth £4.2 million, or four times his salary.

BACKGROUND

• M&S bows to pressure over top bonuses

• Marks & Spencer chief reaps bonus benefit

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• Marks & Spencer ousts retail director in broad reshuffle

• Rose’s turnaround plan is paying off for M&S

M&S comment: Quite an achievement

Stuart Rose has achieved the biggest high street turnaround in years

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Those shares will not vest for three years.

Mr Rose is in line for the same payout next year under an almost unchanged bonus scheme.

The only alteration is that earnings per share must rise by 14 per cent ahead of inflation, 2 per cent more than a year before, for him to receive his full performance share plan payout.

Mr Rose has been rewarded handsomely for his success in turning around M&S since he was appointed to fend off a bid from Sir Philip Green, the owner of Bhs, in 2004.

The first tranche of 979,825 share options given to Mr Rose after he joined in 2004 will vest next month at 347p, nearly half yesterday’s share price of 663p, showing the level of value Mr Rose has created in the company since his arrival.

At yesterday’s price Mr Rose would make a £3.1 million profit on his options. He also holds awards worth £4.6 million based on current share prices.

Last year Mr Rose was entitled to a bonus of 150 per cent of his basic salary, which added £1.4 million to his final £2.3 million pay packet.

In its recent full-year results, Mr Rose revealed a 28.5 per cent rise in pretax profits to £965.2 million as sales increased by 10.1 per cent to £8.6 billion.

The company’s annual report, released today, also details how Paul Myners, the former chairman who stepped down in July 2006, is being provided with a car and driver for two years, even though he is no longer employed by M&S.

From August last year to March this year, it has cost M&S £56,245 to ferry Mr Myners around.

Mr Rose’s fellow board members, Ian Dyson, the finance director, and Steven Sharp, the marketing director responsible for M&S’s successful advertising campaign, have also been rewarded for the company’s improved performance.

Each received a pay rise from £475,000 to £525,000 and a bonus of £1.3 million.

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