Morrisons chief executive Dalton Philips has decided to waive a £374,000 annual bonus on foot of the company's recent profit alert and poor trading period.
Reuters reported that the boss of Britain's No.4 supermarket chain was offered £374,000 cash and share bonus by the company's remuneration committee. Sources close to the matter told the wire news service that Philips declined the package.
The proposed bonus reportedly equates to 22% of his potential short-term bonus for the year. This is the second year running that Philips has has missed out on both his long-term share incentive and cash bonus.
In the wake of the retailer's profits slumping 13% in the year to February, with sales too dropping 2%, other Morrisons executives have shown similar sacrifice for the company.
Finance director Trevor Strain chose to buy shares worth nearly £50,000 on Wednesday with the cash element of his annual bonus in an apparent show of confidence in the ailing company.
Morrisons are not due to publish their annual report which will detail executive pay brackets until next month.
© 2014 - European Supermarket Magazine by Enda Dowling
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