Marks & Spencer’s share price fell this morning following the announcement that ex Morrisons boss had signed a deal worth £15 million to turn around the food and clothing retailer.

Marc Bolland will receive a package worth £15 million, made up of pay, bonuses and compensation for giving up his previous job when he becomes chief executive of M&S at the beginning of May.

Bolland will get an an ongoing salary of £975,000 a year when he takes over from the current M&S executive chairman Sir Stuart Rose.

His annual bonus for his first year at the helm will be up to 400 per cent of his salary, with that figure falling back to 250 per cent thereafter.

His package also includes £1.6 million in cash and £1 million in shares to compensate for shares he has forfeited through his premature departure from Morrisons.

The company’s share price fell by 34 per cent this morning to 350.80p, but broker Seymore Pierce is confident in the future of M&S, suggesting it as a long-term buy.

Graham Spooner, investment adviser at The Share Centre, said, 'We've moved to a hold on M&S, not so much becuase of the news of Marc Bolland coming in, but on the back of dissapointing Christmas sales. Bolland, however, does have a good track record having turned Morrisons into one of the fastest growing supermarket chains.'