Tesco boss’s pay deal doubles to nearly £10m
TESCO boss Ken Murphy has seen his pay deal more than double to almost £10 million for the past year.
It means the chief executive has been paid 431 times the wage of the average Tesco worker – £23,010.
The supermarket giant’s annual report revealed Mr Murphy received a pay package worth £9.93 million for the year to February.
It compared with a £4.44 million total pay deal for the previous financial year.
Mr Murphy’s latest deal was driven by £4.91 million from his performance share plan (PSP) after helping led the company to higher profits in the face of a challenging inflation backdrop.
This PSP payment will be paid out in Tesco shares and is based on the company’s performance since 2021.
It comes on top of an annual salary of £1.64 million and annual bonus of £3.38 million.
Meanwhile, the group’s chief finance officer, Imran Nawaz, also saw his annual pay package more than double.
He received a total pay deal of £4.95 million for the year, jumping from £2.27 million in the previous financial year.
It came after Tesco last month posted an adjusted operating profit
of £2.83 billion for the year to February, up almost 13% on the previous year.
However, the retailer came under criticism at the time for revealing the bumper profits when many customers had been impacted by rampant food and drink inflation, which soared in the face of supply chain disruption and the Russian invasion of Ukraine.
Alison Platt, chairwoman of the Tesco remuneration committee, said: “This pay award reflects the fact Tesco has delivered for all of its stakeholders over the last year – from its most competitive-ever customer offer, to its record investment in colleague pay.”