By James Davey
March 27 (Reuters) - The chief executive of Wm MorrisonSupermarkets is to waive his annual bonus afterBritain's No. 4 grocer posted a 13 percent slump in 2013-2014profit and issued a huge profit warning for the current year.
Dalton Philips was offered a 374,000 pound ($621,300) cashand share bonus by Morrisons' remuneration committee butdeclined, according to a source familiar with the matter.
The sum declined represented a bonus equivalent to 22percent of his basic pay. He can potentially earn a bonus of 200percent of salary.
Although Philips failed to meet bonus criteria related toprofit, he did meet strategic criteria, such as launching anonline service through a deal with Ocado and openingmore convenience stores.
Morrisons declined to comment.
Earlier this month the Bradford, northern England, basedfirm said profit before tax and one-off items dropped to 785million pounds in the year to Feb. 2 and warned that underlyingprofit in the 2014-15 year would be in the range of 325-375million pounds.
The firm also sparked talk of an industry price war bysaying it would invest 1 billion pounds in price cuts over threeyears in a bid to recover.
($1 = 0.6019 British Pounds) (Reporting by James Davey; Editing by Angus MacSwan)
Ocado (OCDO)