Tesco boss secures £9.2m pay packet
Tesco CEO Ken Murphy took home more than £9m in 2024 after the supermarket chain’s pre-tax profits hit £2.2bn.
The supermarket chief was paid £9.23m over the year, down £1m from the year before. This was due to lower slightly lower bonus levels and performance share plan (PSP).
Murphy received an annual salary of £1.65m, an annual bonus of £2.88m and £4.79m from his performance share plan (PSP). The PSP payment is based on the retailer’s performance since 2021 and is set to be paid in Tesco shares.
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Meanwhile, chief financial officer Imran Nawaz received a pay packet of £4.81m last year, slightly less than the £5.1m payout he took home in 2023.
As of 25 May 2025, Murphy and Nawaz will receive base salary increases of 2% and 4% respectively.
Tesco saw a rise in profits and sales in 2024 as its market share hit a nine-year high, but warned last month that it may see lower profits in the year ahead as the supermarket price war heats up.
The grocer expects lower adjusted operating profit for its current financial year of between £2.7bn and £3bn. Tesco said the move would provide it with the “flexibility and firepower to be able to respond to current market conditions”.
At the time, Murphy said: “Despite inflationary headwinds, we are committed to ensuring customers get the best possible value by shopping at Tesco, and see further opportunities to strengthen our competitiveness. By putting customers first, we will continue to create sustainable value for every stakeholder in Tesco.”
3 Comments. Leave new
Shocking, I tried to claim my VE day 10% veteran card discount this week : store staff turned me away, saying they’d not been informed!
Despite big promo in all the Nationsl Newspapers…shameful HM forces support.
Won’t be going back to Tesco anytime soon.
Bad, I tried unsuccessfully to get my VE day HM forces veteran’s much advertised discount this week!
Shameful tbh.
So why is it my partner who has been working there for 18 years and steps up whenever necessary, sticks the place back together because it’s falling apart for diddly squat.