New Morrisons chief executive Dalton Philips’ total remuneration package amounts to £6m, it has emerged.
Philips will have a basic salary of £800,000 and a bonus of as much as £1.6m – but half of any bonus will be deferred into shares for three years – and a pension supplement of £200,000.
A share incentive plan linked to sales and earnings per share potentially adds another £2.2m and he was given £950,000 to compensate him for awards he would have received at former employer Loblaw, the Canadian grocer, and another payout of £350,000 vesting in 2012.
Details of Philips’ reward package were obtained by the Financial Times under shareholder disclosure rules.
Philips’ package is similar to that of his predecessor Marc Bolland, who left Morrisons to become chief executive of Marks & Spencer, where he starts next month.