High street giant Marks & Spencer on Monday announced it has poached the chief executive of department store operator Selfridges to head up its homeware division.

Vittorio Radice, 45, will join M&S in February after reviving the fortunes of Selfridges during his seven years at the firm. He will be replaced by finance director Peter Williams.

Media reports today claimed Radice has been offered a package that includes a £425,000 a year basic salary and annual pension payments of up to another £120,000 a year.

M&S chief executive Roger Holmes commented: "Vittorio is one of the most able retailers of his generation and I am delighted he has chosen to join the top team at Marks & Spencer.

"His appointment shows how serious we are about developing our Home offer as part of our growth strategy. Vittorio will bring a new dimension to the board and world class leadership to our Home business."