Tesco boss handed £4.74m pay packet

THE boss of Tesco received a £4.74m pay packet for the past year, the supermarket group has revealed in its annual report.

It comes as food prices for customers continue to rise amid a host of intensifying pressures on household budgets.

The report, which was filed on Friday morning, said Ken Murphy’s bumper total pay deal was 224 times the overall pay of the median member of staff at Tesco.

Mr 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 performance-related bonuses after supporting the company’s recovery during the pandemic.

The supermarket giant’s group pre-tax profits jumped to £2.03 billion in the year to February 26, up from £636m the previous year.

Tesco’s leadership team have also helped the company tackle major supply chain challenges, including lorry driver shortages.

It comes after Mr Murphy received £992,000 for his first five months at the helm in the previous financial year.