Marks & Spencer boss Sir Stuart Rose has bowed to shareholder pressure and will take a 25% pay cut when he steps down from his executive duties in July.
Currently executive chairman, Sir Stuart will receive an annual salary of £875,000 when he becomes a non-executive, compared his current pay of £1.16m.
However, he is now leaving the group in March 2011, four months earlier than his previously stated departure date of July 2011.
Marc Bolland, the former boss of Wm Morrison, takes over as chief executive of M&S on 1 May. Rose will stay on as an executive between May and July 2010 to ease Bolland into his new role.
M&S has been criticised for the £15m pay package awarded to Bolland, with several shareholders indicating they wanted Rose to take a cut in pay to offset this.
M&S, meanwhile, said headhunters have now been appointed to identify and recruit an independent chairman.
"The board has set out this process to ensure a smooth transition over the coming months and enable Marc to draw on Stuart's considerable experience," Sir David Michels, M&S's Deputy Chairman said.
Rose has had a number of run-ins with M&S's institutional shareholders in recent years, sparked by his taking on the dual roles of chairman and chief executive in 2008.
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Rose takes pay cut and will leave M&S early
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