Tesco CEO Ken Murphy has seen his pay packet more than double to almost £10m for the last year. 

Ken Murphy

Ken Murphy earned £9.93m for the year ending February 2024

Murphy, who took over the role from Dave Lewis in October 2020, was paid £9.93m for the year ending February 2024, up from £4.44m the previous year. 

The rise was driven by a £4.91m payout from his performance share plan (PSP), a reward for steering Tesco through a challenging period of inflation with increased profits. 

The payout, allocated in Tesco shares, is tied to the retailer’s performance since 2021 and is in addition to Murphy’s annual salary of £1.64m and annual bonus of £3.38m. 

Tesco’s chief finance officer Imran Nawaz saw his pay jump from £2.27m to £4.95m. 

The boosts coincide with Tesco’s strong financial performance, with operating profit reaching £2.83bn for the year, up 13% from the year prior.