Belfast Telegraph

Friday 18 April 2014

£4.3m pay for Sainsbury's boss Justin King

Sainsbury's CEO Justin King
Sainsbury's CEO Justin King

Sainsbury's boss Justin King saw his annual pay package surge 23% to £4.3m as the supermarket claimed its biggest share of the grocery market for a decade.

Mr King earned an annual bonus of almost £1m after the UK's third-biggest supermarket grew underlying profits 6.2% to £756m in the year to mid-March.

Its longstanding chief executive also received a £940,000 salary, deferred shares worth £975,000, long-term share incentives of more than £1m and £313,000 in pay and benefits.

Sainsbury's report also showed commercial director Mike Coupe's total pay surged 24% to £2.2m, while finance director John Rogers' pay climbed 26% to £1.7m.

The grocer's soaring pay is in stark contrast with rivals Tesco and Morrisons, which axed directors' bonuses amid falling profits.

Sainsbury's said it outperformed competitors last year after achieving a 16.8% market share, its highest for a decade.

It was the only one of the big four supermarkets to grow market share during the year.

Last month Sainsbury's revealed 134,000 of its UK staff will share its largest-ever bonus pot of more than £90m.