Tesco boss’s pay rises by more than £1m to £10.8m after market share surge
Summary
Tesco’s chief executive, Ken Murphy, earned £10.8 million last year, about £1 million more than the previous year, as the supermarket grew its market share to the highest in ten years. Tesco removed its food waste reduction target from Murphy’s bonus plan and added a market share goal, while the company plans to cut its food waste by 50% by 2030.Key Facts
- Ken Murphy received £10.8 million in total pay last year, including salary, bonuses, and shares.
- Murphy’s basic pay increased by 3% to £1.54 million for this year.
- Tesco’s market share rose to 28.1%, its highest since 2013, with a goal of reaching 30%.
- Murphy’s long-term bonus was reduced because Tesco missed its food waste reduction target.
- Tesco aims to reduce food waste by 50% by 2030 compared to 2017 levels and had cut 24% by the end of last year.
- Tesco replaced the food waste target with a market share target in the executive bonus scheme for future years.
- Tesco’s profits rose 8.5% to £2.4 billion, and sales increased 4.3% to £66.6 billion in the year ending February.
- Tesco staff received a £65 million bonus, averaging about £347 per full-time worker.
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