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.
