By Luke Tugby2019-05-16T06:42:00
Morrisons chief executive David Potts and finance boss Trevor Strain have handed back more than £1m in bonus payments linked to personal performance targets.
Potts has waived a £598,000 payment from his £1.6m bonus pot, while Strain is giving up £437,000 of his £1.3m bonus.
Both had personal targets related to the launch of new premium products and opening stores. They made the decision to hand back the bonuses after “taking into consideration the overall performance of the group”.
The duo also turned down a fifth of the main part of their bonuses linked to financial performance, after admitting profits from its wholesale, services and online divisions had not increased as much as hoped.
Despite the move, Potts still took home a £4.6m package last year – the same as Tesco boss Dave Lewis.
Please sign in now if you have a subscription or are already registered with us.
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.