May 20, 2022
Retail CEO pay: Which bosses get paid the most?
Executive pay has hit the headlines of late after it emerged that Tesco boss Ken Murphy was paid a whopping £4.74m last year.
Murphy’s pay packet swelled due to a £3.21 million bonus – the highest yearly reward paid out by the supermarket since 2016 – which was awarded as Tesco’s profits doubled in its last financial year.
However, the supermarket has faced criticism for paying out such a substantial figure at a time when the cost-of-living crisis is hitting both its workers and customers.
TUC general secretary Frances O’Grady said: “Tesco workers and customers will be stunned at these levels of remuneration when they are struggling to keep food on the table in the cost of living crisis.
“Pay inequality has gone much too far. A Tesco customer assistant would have to work for 267 years to get what the Tesco boss was paid for just one year. It’s time we had maximum pay ratios to bring some fairness back.”
It is not just Tesco that has faced a backlash over executive pay. Next came under fire last week for the hefty bonus awarded to chief executive Lord Wolfson, whose £4.4million pay packet included an annual bonus worth 100% of his basic salary.
Meanwhile, earlier this month 30% of Ocado shareholders voted against a bonus plan that could see CEO Tim Steiner take home £100 million over the next five years.
With remuneration such a hot topic, Retail Gazette delves into the latest annual reports of the UK’s biggest listed companies to find out what retail CEOs were paid last year.