Tesco boss Dave Lewis was paid £4.6m including a £3m bonus last year, when he stabilised the crisis-hit retailer and returned it to profit, The Guardian writes. The paper reports on the annual report of the retailer published this morning. Lewis received a salary of £1.3m, a short-term annual bonus of £2.99m, benefits worth £80,000 and a £313,000 contribution to his pension.
Steve Rowe, Marks and Spencer’s new chief executive, has halved the number of directors involved in top-level decisions, barely a month after taking over at the high-street retailer, The Financial Times reports. Rowe has given Patrick Bousquet-Chavanne, executive director of marketing and international, new powers across the firm’s website but he will lose his responsibility for international business, which will go to Rowe, The Mail says.
Two top city advisers shared a £2.4m “success fee” for advising on the purchase of BHS, which collapsed into administration just over a year after the deal completed, according to The Times. The paper revealed that part of the remuneration paid to Grant Thornton, the accountancy firm, and Olswang, involved a £1.2m “contingency” or success fee for each.
The Guardian reports that some 7-Eleven employees have been back-paid up to $400,000 each but the company is axing the independent panel set up to judge more claims for back pay. Prof Allan Fels was hand-picked to run an independent process reimbursing workers after it was revealed some franchisees systematically underpaid international students on threat of deportation.
The Restaurant Group is to enter the takeaway and delivery market but could cut its dividend as the chain responds to the recent slump in trading in its core Frankie & Benny’s brand (The Times).
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