Irish boss of Tesco sees pay more than double to €11.5m

Tesco boss Ken Murphy has seen his pay more than double to £9.93 million (€11.5 million) for the past year.

It means the chief executive has been paid 431 times the wage of the average Tesco worker, who earns about £23,010.

The supermarket giant’s annual report revealed the Cork native received a pay package worth close to £10 million for the year to February, up from a £4.44 million total pay deal for the previous financial year.

Mr Murphy’s latest deal was driven by £4.91 million from his performance share plan after helping lead the company to higher profits in the face of a challenging inflation backdrop. This payment will be paid out in Tesco shares and is based on the company’s performance since 2021.

Lies, damned lies and photobombs as Sunak’s week falls apart

---

Datalex report must pave way for company to deal with 18% Desmond loans

---

Aldi boss Niall O’Connor: ‘We’re foot to the floor. If we could go faster, we would’

---

C&C’s problems don’t go away with McMahon’s departure

---

It comes on top of an annual salary of £1.64 million and annual bonus of £3.38 million.

The group’s chief financial officer, Imran Nawaz, also saw his annual pay package more than double.

He received a total pay deal of £4.95 million for the year, jumping from £2.27 million in the previous financial year.

It came after Tesco last month posted an adjusted operating profit of £2.83 billion for the year to February, up almost 13 per cent on the previous year.

The retailer came under criticism at the time for revealing the bumper profits when many customers had been impacted by rampant food and drink inflation in the face of supply chain disruption and Russia’s invasion of Ukraine.

[ Tesco announces 7.2% sales bump and €1.2bn share buy-back ]

Alison Platt, chairwoman of the Tesco remuneration committee, said: “This pay award reflects the fact Tesco has delivered for all of its stakeholders over the last year – from its most competitive ever customer offer to its record investment in colleague pay.

“It also recognises the strong performance of the business while at the same time reflecting the complexities of managing a business of the size and scale of Tesco.

“A large proportion of the total package has been achieved because the business met stretching targets in a highly competitive sector and worked to create value for customers, colleagues, suppliers, communities and shareholders.

“Tesco remains committed to a competitive and fair reward package for all colleagues and over the last two years we have invested more than £800 million in colleague pay, as well as significantly enhancing the range of wellbeing benefits we offer.”

– PA