Tesco CEO pay package doubles to £10m

Tesco has confirmed chief executive Ken Murphy’s pay package has doubled in the past year as he took home £9.93m during the period.

Murphy was paid his £1.64m base salary, excluding any buyout awards, he also received a £3.38m annual bonus payout and £4.91m in performance share plan (PSP) based payout, according to the grocer’s annual report.

The UK’s largest retailer also revealed it was to increase its CEO pay in the coming year, with Murphy set to receive a base salary increase of 3% from 26 May 2024.

The grocer argued that this increase was “below the 9.1% increase provided to UK hourly-paid colleagues, who represent the vast majority of the UK workforce”.


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Alongside Murphy, chief financial officer Imran Nawaz also received a total of £4.95m compared to £2.27m last year, and will also receive a 5.4% pay rise.

The revelation of the chief executive’s pay comes after the supermarket giant came under fire for a surge in profits during a period where many shoppers are struggling to afford groceries.

Last month, Tesco revealed that pre-tax profits had more than doubled to £2.29bn over the 12 months to 29 February, an increase from £882m last year.

At the time, Murphy defended the 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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1 Comment. Leave new

  • Leslie Clive Bedford
    May 15, 2024 12:00 pm

    He’s a chemist not a grocery retailer. As he worked for Boots The Chemist before becoming CEO of Tesco. I will be voting against him being reelected as a Director. He’s not in the class or standard of Tesco founder Sir Jack Cohen.

    Reply

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