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22/05/2012
Tesco Boss Refuses Bonus
The boss of a leading supermarket has turned down a bonus worth nearly £400,000.
Philip Clarke, of Tesco, announced the decision as disappointing sales led the store’s UK profits to fall to £2.5bn.
Directors and top managers at the chain also saw a reduction in bonuses as "some performance targets in the UK were not met", according to the Tesco annual report.
Remuneration committee chairman Stuart Chambers said the profitability threshold for the annual bonus had not been achieved, triggering a substantial reduction in pay for the company's top directors.
Tesco said Mr Clarke, who still took home about £1.7m, decided earlier this year not to take his 2012 annual bonus of £372,000 due to "weaker than expected performance".
Mr Clarke said: "I wasn't satisfied with the performance in the UK and I won't take the bonus. My team and I are resolved to get Tesco back to winning, particularly at home. I'm confident that we're tackling the right issues and building a better Tesco for customers, colleagues and shareholders."
Shopfloor staff will share £110m from a cash bonus scheme, which has awarded more than £500 million in the last five years.
Their bonus, paid in 2015, is likely to be worth 3.6% of earnings for eligible members of staff.
A spokesman said: "The award is a big thank you for the commitment of our staff."
Mr Clarke, who has now taken overall responsibility for the UK business, has pledged to slow new shop openings and shift the focus on to upgrading existing stores.
(NE)
Philip Clarke, of Tesco, announced the decision as disappointing sales led the store’s UK profits to fall to £2.5bn.
Directors and top managers at the chain also saw a reduction in bonuses as "some performance targets in the UK were not met", according to the Tesco annual report.
Remuneration committee chairman Stuart Chambers said the profitability threshold for the annual bonus had not been achieved, triggering a substantial reduction in pay for the company's top directors.
Tesco said Mr Clarke, who still took home about £1.7m, decided earlier this year not to take his 2012 annual bonus of £372,000 due to "weaker than expected performance".
Mr Clarke said: "I wasn't satisfied with the performance in the UK and I won't take the bonus. My team and I are resolved to get Tesco back to winning, particularly at home. I'm confident that we're tackling the right issues and building a better Tesco for customers, colleagues and shareholders."
Shopfloor staff will share £110m from a cash bonus scheme, which has awarded more than £500 million in the last five years.
Their bonus, paid in 2015, is likely to be worth 3.6% of earnings for eligible members of staff.
A spokesman said: "The award is a big thank you for the commitment of our staff."
Mr Clarke, who has now taken overall responsibility for the UK business, has pledged to slow new shop openings and shift the focus on to upgrading existing stores.
(NE)
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