The CEO of Tesco, Britain's largest supermarket group, saw his pay package more than double to almost £10 million (€11.6 million) in its 2023/24 financial year, a period when millions of its customers battled a cost-of-living crisis.
Tesco's annual report, published on Tuesday (14 May), showed chief executive Ken Murphy was paid £9.93 million (€11.6 million) in the year to 24 February 2024, up from £4.44 million (€5.2 million) in 2022/23.
The package was made up of fixed pay of £1.64 million (€1.9 million), an annual bonus of £3.38 million (€3.9 million) and a Performance Share Plan (PSP) payout of £4.91 million (€5.7 million).
Chief financial officer Imran Nawaz's pay package also more than doubled to £4.95 million (€5.8 million).
'A large proportion of the total package has been achieved thanks to both Ken Murphy and Imran Nawaz achieving stretching targets in a highly competitive sector and working to create value for customers, colleagues, suppliers, communities and shareholders,' Tesco said.
Committed To 'Competitive And Fair Reward Package'
The retailer added that it 'remains committed to a competitive and fair reward package for all colleagues,' noting it invested a record £300 million (€349 million) in a pay rise for UK hourly-paid workers, and also enhanced staff benefits.
UK consumers saw food inflation hit a 45-year high of 19.2% in March 2023. This had fallen to 4% in March this year, according to official data.
Last month, Tesco reported an 11% rise in annual profit to £2.76 billion (€3.2 billion) as it won market share. It forecast further growth in 2024/25.
Its shares are up 15% year-on-year.
Investors will vote on Tesco's annual pay report at its annual shareholder meeting on 14 June.
Research published last August showed the bosses of Britain's biggest companies saw their pay jump 16% in 2022, sending their average earnings to 118 times the median UK full-time worker's while employees struggled with soaring inflation.
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