M&S's Marc Bolland takes a 26 percent pay cut

Chief Executive Officer at British department store group Marks & Spencer, Marc Bolland,

has taken a 26 percent pay cut, as pressure mounts to improve general merchandising sales following the group's third consecutive decline in annual profits.

In the annual report, which was released on Thursday, it emerged that Bolland was paid a total of 1.58 million pounds during the company's 2013-2014 financial year, down from the 2.14 million pounds from the previous year.

Last month the department store group revealed that no one within the company would be receiving a bonus this year as the performance targets has not been achieved. The report also revealed that Bolland, along with the other executive directors, had declined a salary increase.

Bolland's yearly salary of 975,000 remaining the same since his appointment in 2010. In comparison, the salaries for all the group's employees in the UK went up by 2 percent, according to the report.

Over the past three years, Bolland has invested over 2.3 billion pounds to achieve its goal of becoming the leading international multi-channel retailer, connecting with its global customers via its stores, online platform and mobile devices.