Tesco boss picks up £3 million bonus

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TESCO boss Dave Lewis trousered a £2.9 million bonus last year after he reversed losses at the supermarket chain. 

The former Unilever exec, who is leading a turnaround of the battered group, picked up £4.6 million overall, up from £4.2 million last year.

The bonus works out at 95.7% of the maximum pay out available. 

Basic also salary rose from £570,000 to £1.25 million. He will also get £330,000 in pension and £80,000 of other benefits. 

Lewis came into the job promising to reverse the fortunes of the faltering grocer. 

Last year Tesco made a slim £162 million profit, swinging back from a £4.6 billion loss in 2014. 

Remuneration chair Deanna Oppenheimer agreed Lewis’ pay deal.

She said: “In determining the final level of bonus payable, the Committee considered the wider performance of the Group and agreed management has reversed the negative trajectory and were making strong progress in delivering the turnaround plan.”

Finance chief also took home a healthy £1.6 million in bonus, on top of a £750,000 salary.

The pay deals were revealed in Tesco’s annual report, released this morning.  

Source Article from http://www.standard.co.uk/business/tesco-boss-picks-up-3-million-bonus-a3246971.html

May 13, 2016 |
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