Marks & Spencer boss Marc Bolland missed out on a shares bonus worth a potential £2.9 million after the retailer delivered its worst annual profits for four years, but still earned a total pay package worth £2.1 million.
The group's annual report revealed rewards under a lucrative shares incentive plan were scrapped after disappointing annual results saw profits fall 6% to £665.2 million - the lowest level since 2009 - amid a disastrous performance from its clothing lines.
The plan could have seen Mr Bolland land shares worth 300% of his £970,000 salary. A similar long-term share plan awarded him £1.2 million last year.
He was still awarded an £829,000 cash and shares bonus although this was less than half the maximum potential amount, taking his total pay and benefits package to £2.1 million, down from £3.2 million the previous year.
Mr Bolland's pay deal has been in the spotlight after the group's recent annual results amid questions over his role at the group.
He has declined a pay rise for three years in a row since being appointed in 2010.
The chief executive recently dismissed suggestions that some investors want him to quit if he has not delivered on his turnaround plan in 12 months' time, saying such timeframes are irrelevant.