Tesco chief executive Philip Clarke has missed out on a cash bonus for the third year in a row after its annual group trading profit fell 6% to £3.3bn.
The grocer’s annual report shows Clarke did not collect a bonus, but was still paid a total of £1.63m during 2013/14 in salary, benefits and pension contributions, The Telegraph reported.
Stuart Chambers, the chairman of the Tesco remuneration committee, said the grocer’s directors did not receive a bonus due to Tesco’s profit target being missed.
He said: “Despite strong progress against strategic objectives during the year and the exceptional effort management have put in to achieve this, the bonus profit underpin was not met and therefore the executive directors will not receive a bonus in respect of 2013/14.”
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