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**Article:**

Marks & Spencer's chief executive, Stuart Machin, saw his annual compensation jump to £7 million this past year, a significant increase from the previous year's £5 million. This boost primarily stemmed from share awards linked to the company's profit growth and performance targets. However, the retailer now faces financial setbacks due to a cyber attack that occurred in April, which is predicted to slash £300 million from its profits.

Despite the cyber attack, which disrupted online orders and contactless payments, M&S's remuneration committee decided not to adjust the performance-related pay for Mr. Machin this year. The committee, however, acknowledged that it would reconsider the matter for next year's compensation. The retailer anticipates that insurance will cover some of the financial damage, although online service disruptions are expected to continue into July.

The annual report of M&S disclosed that Mr. Machin's basic salary rose slightly to £843,000 for the year ending in March, and his bonus increased by £100,000 to £1.6 million. His earnings from share awards saw a substantial rise from £2.6 million to £4.5 million, and he also received a pension contribution.

The cyber attack, which took place over Easter weekend, initially affected click-and-collect services and contactless payments. M&S even displayed a banner on its website apologizing for the suspension of online ordering. Chairman Archie Norman expressed in the company's annual report that while the effects of the attack would persist for weeks or months, he remained confident it would only be a temporary setback on the company's growth trajectory.

Authorities are currently investigating a group of English-speaking hackers, known as Scattered Spider, believed to be responsible for the attacks on M&S, Co-op, and Harrods. M&S revealed that the hackers accessed their systems through a third party, although specifics were not disclosed.

In response to the attack, M&S announced an accelerated effort to enhance their digital transformation projects, aiming to bolster their cyber defenses and increase resilience against future threats. Although the website has reopened for browsing following overnight downtime, online orders remain suspended, causing significant inconvenience to customers.

The National Crime Agency is actively pursuing the perpetrators behind the cyber-attacks on M&S and Co-op, as customers have been unable to order online for almost a month due to the ongoing chaos. The retailer's move to reinforce their cyber security underscores the seriousness of the threat and the impact on their operations.