Tesco boss Dave Lewis has come under fire today – but not for reasons relating to his work at the helm of the grocer.
The chief executive of the supermarket giant was criticised by Pensions & Investment Research Consultants (Pirc) for a payment he received to relocate closer to the retailer’s headquarters in Hertfordshire.
Pirc has kicked up a fuss over investors footing the bill for Lewis’ stamp duty and legal fees in relation to the move, and advised that they oppose the remuneration at Tesco’s annual meeting next week.
Executive pay is an issue that has taken up many a column inch in recent months, with Marks & Spencer’s boss Steve Rowe and Morrisons’ chief executive David Potts’ bonuses coming under scrutiny.
However, given that Lewis has begun to coax recovery at the grocery while receiving a 10% cut in his pay package and a 21% dip in his annual bonus, one could ask whether criticising this particular expenditure is the best use of investors’ time.
Also today, Go Outdoors boss Chris Matthews has stepped down and Clarks has poached Nomad Foods finance boss Paul Kenyon.
Quote of the day
“With Brantano disappearing off the high street fairly recently, that brings quite a lot of opportunity for us”
– Shoe Zone boss Nick Davis
Today in numbers
£142,000
The amount that Tesco paid for boss Dave Lewis’ relocation costs
84%
The fall in Shoe Zone’s half-year profits to £0.3m
Thursday’s agenda
As election day dawns, look out for who we have selected for our retail cabinet.
Grace Bowden, reporter
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