M&S chief, 51, on maternity leave quits with £540k
THE 51-year-old Marks & Spencer boss who last year surprised the City when she took maternity leave to care for her first child is quitting the company, citing ‘significant’ changes in her personal life.
Laura Wade-Gery was due to return from an extended period off work this month – but now will depart with severance pay and bonuses of more than £540,000.
The high-flying executive – the most senior woman on the M&S board – is fiercely protective of her private life and never discussed her decision to have a child later in life. Nor has she gone into any detail regarding her departure from the company.
Yesterday she said: ‘I have had five very happy years at M&S. I’ve been away from the business for a year now, and that time has seen some significant changes in both my personal life and in the business.
‘I concluded that the time was right to move on from M&S.’
It is not known whether she will return to work or become a stay-athome mother.
The former Cheltenham Ladies’ pupil and Oxford graduate was hired from rival Tesco in 2011 with a golden hello worth £4million.
After four years, in which she relaunched the M&S website and was put in charge of the 800 UK stores, the company announced she would be taking maternity leave.
At the time, she was seen as a standard bearer for women in business who need to make space for children and a family life.
Her child was the first with her second husband, business consultant and farmer Simon Roberts, 68.
Miss Wade-Gery’s initial maternity leave of four months was extended to one year. She was due back at her desk this month. During this time, she was paid around £383,000, including a period on statutory maternity pay.
She is now due to leave the company with a negotiated settlement of eight months’ pay – around £380,000. This may be waived if she finds another job within the next eight months. There will also be bonuses in terms of cash and shares estimated at £160,000.
A further bonus scheme is likely to pay out several tens of thousands of pounds more, depending on the performance of the business. At one time, Miss Wade-Gery was tipped as a possible successor to M&S chief executive Marc Bolland.
However, that job subsequently went to Steve Rowe, who was promoted during Miss Wade-Gery’s maternity leave. He told M&S shareholders at the company AGM in July that Miss Wade-Gery was expected back following maternity leave.
Yesterday, he said: ‘Laura has been a great colleague and has achieved much in her role heading our multi-channel business...she leaves M&S with my personal thanks and best wishes.’
She is one of a number of senior executives to leave the business recently, including former clothing director John Dixon and Frances Russell, head of womenswear.