Belfast Telegraph

Friday 29 August 2014

Sainsbury's boss takes a £5m hit in pay packet

Sainsbury's chief executive, Justin King, took a hit to his wallet last year with his pay packet almost £5m lower as he cashed in fewer options and the high street stalwart failed to hit some performance targets.





Mr King received total remuneration of £3.2m for the financial year to the end of March, the company said in its annual report, published yesterday.



This marks a dramatic fall from the £8m he took home a year earlier, despite a strong performance from the supermarket chain.



A spokesman for the company said the drop was caused as the group did not exceed certain performance targets by a high enough margin, and Mr King had also exercised fewer share options.



The report revealed that Mr King's basic pay was £900,000, although it would be increased to £920,000 this financial year. He was also awarded a bonus of £520,000 and a deferred share award of £934,000, which, with additional benefits, took his total pay packet to £2.6m. He also cashed in almost £600,000 worth of options.



Darren Shapland, who shocked the market by quitting as Sainsbury's group development director in May, received a total of £1.2m in 2011, down from £1.4m a year earlier. This came just a year after he had joined the board in the specially created role.

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting? customercare@belfasttelegraph.co.uk

Comment

More

Company Profiles

More

Help & Advice

More

People on the move

More