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Marc Bolland will take up the reins at Marks and Spencer on 1 May the company has revealed, just days after his successor at Morrisons was announced.

Bolland's basic salary as M&S chief executive will be £975,000 a year with potential bonuses reaching 250% of salary as well as an annual share award, which will exceptionally be 400% of salary (£3.9m) in the first year.

He will also receive a number of payments in compensation for leaving Morrisons six months into a 12-month contract including £1.6m in cash.

Bolland's replacement as Morrisons chief executive Dalton Philips, who joins from his role as chief operating officer at Canadian retailer Loblaw, will join the firm in March.

41-year-old Dalton has worked as chief executive of Irish department store Brown Thomas and worked for seven years in Wal-Mart's international division.

Morissons chairman Sir Ian Gibson said he was delighted at Philips' appointment. "He has a tremendous retail pedigree and a wealth of experience from senior positions around the world. I look forward to welcoming him to the team."

He started out as a store manager at Jardine Matheson in New Zealand before becoming regional director of the firm's Spanish division.

Dalton said he was really pleased to be joining Morrisons. "It's an incredibly exciting business with a terrific history and I'm really looking forward to meeting the team and to the challenge ahead."

Bolland was announced as successor to Stuart Rose in November. Rose is set to remain as part time chairman to ensure a smooth handover and will leave the company next year.

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