Tesco CEO Ken Murphy was paid £4.4 million in 2022 and is to gain a 3% salary increase this year.
The leading retailer’s annual report published today (12 May), shows that Murphy received £1.71m in fixed pay and £2.73m in performance-based remuneration.
It added that the committee had been “mindful” of the wider colleague experience and its fairness principles, and had agreed on a 3% salary increase for Murphy, which it noted was “considerably lower” than the 8% increase for UK hourly-paid colleagues in 2022.
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This comes as Tesco revealed its pre-tax profits dropped by 50% to £1 billion for the past year as customers continue to cut costs and focus on value.
Ahead of the financial results, in March Tesco announced it would be increasing the minimum spend and delivery charge for shoppers ordering groceries online.
The change which officially rolled out earlier this month has seen the supermarket giant charging an additional £5 if a shoppers basket value is less than £50.
At the time, a Tesco spokesperson said the change had been put in place to “ensure we can continue to serve our online customers as effectively as possible.”
3 Comments. Leave new
With reference to Tesco Buckie Scotland
Having recently moved here, & with a BIG lack of supermarkets choices in the area I joined Tesco club card…… Guess what… NEVER has my app been accepted at this store. WHY? Perhaps you can reimburse me for the lose of money on your club card users. Very disappointed customer
One more comment…. I noticed the CEO of Tesco has a mind blowing salary in comparison to the average person. Maybe he could help those who are not in a high wage bracket, by making sure customers can at least use the WELL advertised club card. Am I angry with the Tesco App. YES!
Who ever gives the OK to the adverts being shown on TV, should be sacked, they are some of the worse adverts on TV.