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.
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.
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
The amount that Tesco paid for boss Dave Lewis’ relocation costs
The fall in Shoe Zone’s half-year profits to £0.3m
As election day dawns, look out for who we have selected for our retail cabinet.
Grace Bowden, reporter