Sainsburys CEO Set For GBP6m Bonus

Mon, 27 Apr 2009

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Sainsbury's Chief Executive Justin King is set to receive a £6 million payout after delivering the supermarkets best sales growth for five years, according to The Sunday Times.

The newspaper reported that King's payout was still being finalised by the retailers remuneration committee, but is expected to include an annual bonus payment of more than £1 million and just over £3 million in shares .

The CEO’s total package for 2009 will top £6 million once his salary, pension and benefits package are included, The Sunday Times added.

Sainsburys impressive performance should also mean a larger bonus for the grocer’s 117,000 employees, who each received a share of a £47 million bonus pot last year.

Despite, the recession, the UK’s third-largest supermarket chain reported a 6.2 per cent rise in its fourth quarter sales, beating City forecasts.

Analysts now expect the company’s full-year profits to reach around £540 million - £15 million higher than first predicted.

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