May 12, 2017

Tesco chief takes 10% pay cut despite sales growth

Tesco boss Dave Lewis took a 10 per cent pay cut last year despite overseeing the retailer's first full-year sales growth for seven years. Mr Lewis received £4.1m last year, including a £2.4m bonus for delivering above-target sales growth and operating profit at the grocery chain. His bonus shrunk from the £3m awarded in 2015, and the supermarket chief fell short of "Stretch targets" that could have seen him take home another £1m last year. The grocery chain paid stamp duty and legal fees of £142,000 to help its chief executive buy a house nearer to its Hertfordshire headquarters, according to its annual report on Friday, where Mr Lewis moved the business shortly after joining in 2014. The supermarket group also paid £9,000 towards the installation of "Security measures to meet business standards", bringing its total outlay on such protection for Mr Lewis to £38,000 over three years.

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