Tesco: CEO takes home bumper pay packet after profit jump
The CEO of Tesco took home more than £9m as sales and profit at the supermarket giant beat expectations.
Ken Murphy received a pay packet of £9.23m for the company’s latest financial year, down from the £10.24m he took home in the prior 12 months.
According to Tesco’s annual report, the CEO’s remuneration was made up of £4.69m through a Performance Share Plan (PSP) payout, dow from £5.23m.
Murphy also received £2.88m in annual bonus, down from £3.38m, while his fixed pay remained broadly flat at £1.64m.
The latest figures come after the CEO of Tesco saw his pay packet almost double in the year to February 2024.
Profit and sales up at Tesco
Last month, City PM reported that Tesco’s revenue increased by 2.5 per cent to £69.9bn during its latest financial year.
Its profit after tax also surged by more than 36 per cent to £1.63bn.
Shares in Tesco have been on the up in recent weeks after suffering a sharp fall in March.
Tesco’s stock had been changing hands at around 388p before slumping to 321p.
However, the supermarket giant’s share price has since recovered to almost 380p.
In January, Tesco announced plans to cut more than 400 jobs in a bid to improve efficiency at the grocer, following in the footsteps of Sainsbury’s, Asda and Morrisons.
The supermarket giant said that the “more competitive than ever” market means it must “work hard… to offer our customers unrivalled value”.
“This means always being open to new, more efficient ways of working,” the London-listed chain added.
In November 2024, Barclays completed its £600m takeover of Tesco’s banking arm after High Court approval for the buyout was granted.
As part of a ten-year partnership between the two firms, Barclays will begin operating and managing Tesco Bank.