Sainsbury CEO Pockets GBP5m As Staff Share GBP60m Bonus

Fri, 12 Jun 2009
 
Get the latest prices, codes, vouchers & deals fortnightly.
Sainsbury’s chief executive Justin King has received a £5.4m pay packet for his efforts in delivering a strong performance at the supermarket chain this year.

According to the group’s annual report, King pocketed a basic salary of £872,000 and a bonus of £869,000, down from last year’s £1m bonus.

However, the bulk of the £5m-plus sum will come from a lucrative share package worth £3.3m, which has been awarded after the group hit a series of targets under the CEO’s ‘Making Sainsbury's Great Again’ strategy.

Analysts believe King has turned the company’s fortunes around since his appointment in 2004, boosting sales by £2.5bn in four years.

Kind said: "I'm really proud of the part I've played here at Sainsbury's over the past five years. The most exciting part lies ahead and I want to be playing my part."

Last month, the group posted an 11.3 per cent rise in annual pre- tax profits to £543m, while total sales hit £20.4bn, nearly 6 per cent up on the previous year.

As a result, Sainsbury's 120,000 employees are set to share £60m in bonuses, an increase of 28 per cent from last year, with each staff member receiving an average of £500.

Sainsbury’s bonus scheme is linked to service delivery and product availability, as well as overall sales and profit measures.

Link to this page

Copy and Paste the following HTML into your page.