Sainsbury’s directors have missed out on their annual bonus and payments under a long-term incentive plan, the retailer’s annual report has revealed.
Sainsbury’s said this was the result of “tough market conditions”, which had affected overall performance.
However, 133,000 staff below director level met performance targets, which resulted in a bonus pool of more than £50m, equalling over £375 each.
“The heightened competitive environment, food price deflation and price investments have impacted our financial performance,” said Mary Harris, chairman of Sainsbury’s remuneration committee.
Mike Coupe, promoted from group commercial director to CEO last July, earned an overall base salary of £801,000. His base salary climbed to £900,000 when he took over from Justin King. His total pay, including benefits, pension and deferred share award, brought the total to £1.51m.
Justin King earned a pro-rata base salary of £360,000, and his total remuneration amounted to £405,000 for the period he was in office for the financial year.JS directors to miss out on annual bonus