Tesco Plc’s chief executive officer has seen his pay double to almost £10 million ($12.6 million) after an improvement in the supermarket’s performance.
Ken Murphy’s remuneration rose from £4.4 million in 2022-23 to £9.9 million the year after, the UK grocer said in its annual report Tuesday. That was largely thanks to a £4.9 million performance-linked share award on the back of higher sales.
“A large proportion of the total package has been achieved because the business met stretching targets in a highly competitive sector,” said Alison Platt, chair of the Tesco remuneration committee, in a statement.
Murphy took the helm of Britain’s largest grocer in 2020 and has overseen a more than 17% rise in its share price.
Executive pay remains a hot topic in the UK. The head of the London Stock Exchange has said the City needs to reward executives to prevent companies from listing in rival financial centers, but activists and some shareholders continue to oppose high remuneration.
Ocado boss Tim Steiner is facing shareholder backlash over a proposed bonus that could see him awarded as much as £14.8 million.