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Tesco opts to honour £13m deals for former bosses

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Former Tesco bosses Philip Clarke and Laurie McIlwee will walk away with combined cash and share awards worth up to nearly £13m

Former Tesco bosses Philip Clarke and Laurie McIlwee will walk away with combined cash and share awards worth up to nearly £13m

PA

Former Tesco bosses Philip Clarke and Laurie McIlwee will walk away with combined cash and share awards worth up to nearly £13m

Tesco has reversed its decision to suspend more than £2m in severance payments to two former bosses as it seeks to avoid a costly legal battle over an accounting scandal that hit the supermarket last autumn.

The decision means Philip Clarke and Laurie McIlwee will walk away with combined cash and share awards worth up to nearly £13m - at a time when thousands of Tesco staff face the axe under new boss Dave Lewis's turnaround plans. Tesco said it had agreed to pay Mr Clarke £1.22m and Mr McIlwee £970,880 under their "separation agreements" as it was contractually committed to do so unless it could prove gross misconduct.

Belfast Telegraph