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(Sharecast News) - Tesco chief executive, Dave Lewis's annual pay package for 2019 hit ?6.42m, marking the biggest ever haul for any executive at the retailer of the past decade.
His total pay rose by more than a third last year, thanks to a leap in annual and long-term bonus payouts.
Lewis, who was set to leave the supermarket in September, received a ?2.4m annual cash bonus and another ?2.4m long-term share bonus on top of ?1.6m in basic salary and benefits.
The long-term share bonus was bolstered by ?1.6m based on Tesco's share performance against rival retailers which improved once the supermarket decided to remove Ocado from the list of rivals.
A note in Tesco's accounts said: "As Ocado has seen a significant shift away from being a retail-focused business towards a technology-focused business during the performance period, the [remuneration] committee decided to remove Ocado from the [total shareholder return] benchmark from 16 May 2018. This was the date on which a clear pattern emerged of Ocado pursuing a technology strategy."
Lewis will be succeeded by the Boots executive Ken Murphy in September.
22 Jun 2023 10:57
