Tesco chief pockets bumper £4.7m in pay
Tesco’s chief executive received a £4.74 million pay package for the past year, the supermarket giant has revealed in its latest annual report.
The disclosure comes as the price of many food products continues to rise amid a host of intensifying pressures on household budgets.
The annual report noted that Kenmurphy’sbumpertotalpay deal was 224 times the overall pay of the median member of staff at the company.
Murphy, who started as the firm’s chief executive in October 2020, was handed a £1.54m basic salary for the year to February. This was boosted by around £3.2m of performancerelated bonuses after supportingthecompany’srecoveryduring the pandemic.
Murphyreceived£992,000for his first five months at the helm in the previous financial year.
Meanwhile, his predecessor, Dave Lewis, received £6.3m in total pay in the 2020 financial year. For the latest year, recently appointedchieffinancialofficer Imrannawazreceived£5.4min total remuneration, driven by a £3.5m compensation payment after leaving his previous post at Tate & Lyle. The report said that Nawaz received a 4.29 per cent increase in his basic salary, while Murphy saw a 2.25 per cent increase.
However, the company also highlighted that staff at stores and warehouses received a 5.8 per cent increase in basic pay.
Chairman John Allan saw his remuneration stay roughly flat for the year at £695,000.
Last month, Tesco revealed that annual profits had more than tripled, but warned retail earnings will come under pressure this year from soaring inflation and as shoppers return to pre-pandemic shopping habits.