Sainsbury’s boss Coupe’s pay up to £3.4m

THE pay of Sainsbury’s boss Mike Coupe soared after he received a £427,000 bonus ahead of the supermarket’s proposed merger with Asda.

The chief executive’s total pay jumped by 46pc to £3.4m in the last financial year, boosted by £1m worth of long-term share awards and a hefty cash bonus for hitting financial targets.

Mr Coupe also secured a 2pc salary rise for next year in line with other head office staff, increasing his salary to £962,297.

It comes after he dropped a PR clanger shortly after the £15bn Asda tie-up was announced when he was filmed singing the song We’re in the Money from the musical 42nd Street. John Rogers, the chief executive of Argos, which is now owned by Sainsbury’s, enjoyed a 38pc rise in total pay to £2.2m.

A Sainsbury’s spokesman said: “Mike and other executives were not awarded an annual bonus last year as the business did not hit its targets. The business has hit a number of targets this year, including increasing profit, which is why we have paid a bonus to eligible colleagues across the group.” Sainsbury’s announced last month that it had stumped up an extra £10m for staff wages after coming under fire from MPS and unions over a controversial pay shake-up.

The supermarket giant is handing 121,000 workers an average pay rise of 9.3pc, but the move will spell the end of bonuses, paid breaks and better pay for working on Sundays.

More than 100 MPS signed a letter to Prime Minister Theresa May last month demanding she take action over the proposals amid fears staff will be left out of pocket. Stripping away the benefits means about 9,000 workers will lose £400 a year on average.

Sainsbury’s and Asda have vowed to slash prices on everyday items by 10pc by creating a grocery colossus with a bigger market share than Tesco.

Chief executive Mike Coupe’s bonus this year after supermarket Sainsbury’s hit targets and recorded increased profits