Justin King, the chief executive of Sainsbury's, was paid almost £11m over the year to the end of March, the supermarket group revealed yesterday, more than twice as much as in the previous 12-month period.
The supermarket's annual report revealed that Mr King's basic package for last year totalled £3.35m. That included a base salary of £900,000 plus a bonus of £1.085m, a pension contribution worth £270,000 and other benefits to the value of £103,000.
In addition, Mr King cashed in thousands of options granted under various long-term incentive plans at the supermarket, with the gains on the shares totalling a little over £7.4m. That took his total remuneration to £10.75m, up from £4.9m the previous year.
Mr King is widely credited with having lead a recovery of Sainsbury's fortunes since his appointment in March 2004, having almost trebled profits over the past four years. The supermarket group revealed last week that several thousand staff would share a cash bonus pool worth over a little over £600 each as a reward for last year's performance.
Nevertheless, Sainsbury's remains only Britain's third largest supermarket group, behind Tesco and Asda. The grocer said it was freezing directors' salaries for the next year because it was "mindful of the current economic climate", and that other salary rises had been kept at "modest levels".Reuse content