Morrisons chief executive Marc Bolland has been awarded a 13 per cent increase in his base salary to £800,000.
Bolland’s package totalled £1.7m in the year to February 1.
Morrisons has benefited as budget-conscious consumers look for value during the downturn. The grocer’s like-for-like sales climbed 7.9 per cent in the year to February 1, excluding fuel. Pre-tax profits at the grocer rose to £655m, from £612m the year before. This included £2m of property gains, versus £32m the year before.
Turnover grew 12 per cent to £14.5bn, while customer numbers grew 4.2 per cent and average basket spend rose 3.6 per cent.
Last month it emerged that due to Sainsbury’s best sales growth in five years, chief executive Justin King is to receive a £6 million payout.