It was David Potts’ lucky day today as the Morrisons shareholders deemed the down-to-earth boss worthy of a beefed-up pay package.
Following an increase in his long-term incentive plan, Potts – who has navigated the grocer clear of choppy waters – could take home up to £5.3m this year.
It came as a surprise then that Tesco boss Dave Lewis – who has led the grocery giant back into positive like-for-like sales territory – has had his pay package cut.
In Tesco’s full-year report published today, the retailer said Lewis was paid £4.15m – 10% less than the year before owing to a smaller bonus payout of £2.4m, down from £3m.
So why, if both chief execs have fuelled turnarounds at their once struggling firms, is it a pay hike for one and a cut for the other?
Is the system bust? Or did Lewis simply not meet the expectations of Tesco’s shareholders and its remuneration committee?
Let us know your thoughts.
Quote of the day
“As a nation this election is going to potentially define generations. We would want to be as prepared as possible and as strong as possible going into it. So I think, whoever is elected… we have to give them the biggest possible mandate that we can, to be in the strongest position.”
AO founder John Roberts speaking about the snap election on this week’s episode of The Retail Week
Today in numbers
The amount blinds specialist Hillarys was sold for in a deal with Hunter Douglas
The square footage of Matches Fashion’s new retail concept due to open this year in a Mayfair townhouse
Happy weekend trading retailers. Check back in on Monday for the latest footfall figures.
Emily Hardy, senior reporter