Tesco chief executive Ken Murphy is set to take home a £10m pay packet this year, an unprecedented figure for a supermarket boss.
Murphy’s exceptional payout comes from both his £1.4m salary and a performance-related bonus of £8.7m – which comes at more than double his £4.4m pay last year, reported The Times.
It is understood that £5.1m from share-based bonuses are set to be paid in June, while Murphy also stands to pocket an annual bonus of up to £3.6m.
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The revelation of the chief executive’s pay comes as Tesco has faced criticism due to its soaring profits during a period where many families are struggling.
Last week, Tesco revealed that its pre-tax profits had more than doubled to £2.29bn over the last 12 months to 29 February, an increase from £882m last year.
Murphy defended the UK’s largest retailer saying that it was “conscious that things are still difficult for many customers”.
He added that Tesco “continued to invest in helping customers where it matters most, cutting prices on more than 4,000 products and doubling down on our powerful combination of Aldi Price Match, Low Everyday Prices and Clubcard Prices“.
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The cost of this has been recouped by paying the in store workers less than the new legal minimum wage since the start of April. Disgusting, immoral fat cats walking over the workers who actually deliver the results