The following information is provided in accordance with section 430(2B) of the Companies Act 2006:
- Steve Rowe's remuneration terms will be in line with his service agreement and the relevant provisions of the Marks and Spencer Group plc's Executive Remuneration Policy approved by shareholders in 2020.
- He will step down from his role of Chief Executive Officer after the market closes on 25 May 2022, after which he will remain employed until 5 July 2022. Under the terms of his service agreement, he will receive salary and benefits by way of phased monthly payments for up to 12 months (subject to mitigation). During this time, he will remain as an adviser to the new leadership team.
- He will receive good leaver treatment in relation to all unvested share awards previously granted under the Performance Share Plan and will be eligible to be considered for a bonus payment for 2021/2022 performance.
- Further details of the contractual and leaving provisions for Board Directors will be summarised in the Directors' Remuneration Report in the 2022 Annual Report & Financial Statements.