The new chief executive of Marks & Spencer will earn a package worth up to £15 million in the first year when he assumes the role on 1 May, the retailer has revealed.

As well as a basic salary of £975,000 – just short of the £1.13 million paid to predecessor Sir Stuart Rose – new boss Marc Bolland will receive a “golden hello” of cash and share options totalling £7.5 million. This is in lieu of payments he would have received at ex-employer Morrisons; Bolland left the supermarket chain half way through a 12-month contract and has been on gardening leave since December.