Tesco chief executive Dave Lewis received a 10% cut in his annual pay last year, despite the retailer’s strong performance.
The Financial Times reports that Lewis, who oversaw the group’s full year of growth since the start of the decade, received £4.1 million last year, including a £2.4 million bonus for delivering above-target sales growth. However, the paper added that the CEO’s bonus was actually down from that of 2015, when Lewis took home £3 million.
In addition, Lewis’s performance fell short of ‘stretch targets’ that could have seen him take home an additional £1 million in bonuses.
Other Expenses
Other expenses noted in Tesco’s annual report, which was published last week, include the payment of stamp duty and legal fees to enable Lewis to buy a house closer to Tesco’s Hertfordshire headquarters, the Financial Times reports.
Elsewhere, the company also paid around £9,000 towards the installation of security measures on Lewis’s property.
In April, Tesco announced a 0.9% increase in sales in its UK operations, its first full year of growth since 2009/10. Food sales were up 1.3%.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. Click subscribe to sign up to ESM: The European Supermarket Magazine.
