May 12, 2017

Tesco chief executive Dave Lewis sees pay fall 10%

Tesco chief executive Dave Lewis saw his total pay packet cut by more than 10% last year. The fall, disclosed in the annual report, came despite Tesco seeing a jump in profits and achieving its first annual sales growth in seven years. The chief executive has been guiding Tesco through a major turnaround since its 2014 accounting scandal, in which profits were overstated by £326m. In March, Tesco was fined £129m for the affair. Green shoots of growth started to show after the grocery giant reported full year revenues had risen 3.7% to £59.8bn and full year operating profit up 30% to £1.28bn. The head of the supermarket's remuneration committee, Deanna Oppenheimer, said: ''Tesco has had a strong year of progress, delivering against the three turnaround priorities of improving competitiveness in the UK, a more secure balance sheet and rebuilding trust, which were set in 2014. Tesco's annual report for the 2016-2017 financial year also showed that chief financial officer Alan Stewart's total pay package was £2.24m, down 14% on the year before.

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