Marks & Spencer gold

Marks & Spencer, the high street store at present in the doldrums, is to give its new executive chair Luc Vandevelde a £2.2 million "golden hello" when he takes up the job. Vandevelde, who is leaving his job as managing director of French food retailer Promodes, will be given his welcome package in the form of shares whose sale is restricted for three years.

Vandevelde will be paid a basic salary of £650,000 with the possibility of doubling it under a performance-related bonus scheme. And he qualifies for the Marks & Spencer executive share option scheme which

could earn him up to £10.4 million in shares over the next three to five years.