Marks and Spencer (M&S) CEO Stuart Machin is facing a significant cut of £1.06m to his total pay after the cyber attack, which wiped millions off the retailer’s stock value and disrupted core operations.

In total, It is understood Machin stands to lose up to £2.4m in performance-related-pay and reduced share values, including £831,000 from his long-term performance share plan and a further £233,000 from a deferred bonus due to pay out in July, following a 14% slide in M&S shares since the attack was disclosed on 22 April.

The impact of the cyber attack, now in its fourth week, has seen M&S struggle to process online orders, face store availability disruptions and confirm the loss of customer and staff personal data issues.

Analysts estimate revenue losses could already have topped £75m, rising to £125m if services are not fully restored soon.

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In addition to the direct earnings hit, Machin is believed to be carrying paper losses on shares held through longer-term incentive plans, bringing the total impact on his personal remuneration closer to the £2.4m mark.

Yet, despite the disruption, M&S is still expected to report a strong set of results for the year ending 31 March, as the cyber attack occurred after the financial year closed.

However, market analysts warn the longer-term damage to M&S’s digital transformation could yet deepen.

“Online sales have suffered greatly,” Shore Capital retail analyst Clive Black told The Financial Times.

“The disruption has cost M&S hundreds of millions in potential sales, and the full impact may not be clear until the next financial year.”

Investec analyst Kate Calvert added: “While the management team has focused on managing the immediate fallout, the City will be closely watching the longer-term impact on M&S’s transformation plans.”