Marks and Spencer Group PLC (LSE:MKS) has embraced the four-day work week culture with its first female boss.
Katie Bickerstaffe was given the title of co-chief executive and a salary of £750,000 as she takes over the dual-leadership role.
She and Stuart Machin, who has an annual salary of £800,000, were named co-chief executives in March, as previous CEO Steve Rowe stepped down.
Bickerstaffe has worked a four-day week since leading Dixons Carphone in the UK and Ireland, as well as when she joined M&S's board in 2018, before taking on an executive role in 2020.
When the dual leadership position was announced in March, the chain was accused of offering up "M&S fudge" though chairman Archie Norman said the unorthodox structure allowed the company to retain outstanding employees while modernising the chain.
Bickerstaffe's flexible work schedule is thought to have been a stumbling block in landing the top post at M&S.
Machin, who has nearly 30 years of experience working in food, fashion, and homeware, joined M&S to run its food business in 2018.
"There was careful deliberation when setting the pay arrangements for Stuart and Katie," the company said in its annual report, adding a number of factors were taken into account, including different work patterns, experience and skill, and the responsibilities of each, as well as external market factors.
When bonuses are included, the two CEOs plus finance chief Eoin Tonge could make more than £15mln in the current financial year.