Sir Peter Davis earns more than £1m in first year as head of Sainsbury's

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The Independent Online

Sir Peter Davis earned more than £1m in his first full year as chief executive of J Sainsbury, according to the supermarket group's latest annual report.

Sir Peter, who was appointed chief executive in March last year, was paid a £750,000 salary plus a £300,000 bonus. Together with other benefits this took his total pay to £1.07m.

Sir Peter's share options are worth £5.2m after little more than a year in the job. He has 3 million share options priced at 261p, compared with yesterday's share price of 434.5p , up 6.5p. Sir George Bull, Sainsbury's chairman was paid £242,000.

The annual report confirms that Dino Adriano, the previous chief executive, received £1.4m last year, including £1.2m compensation for loss of office.

In the previous year, the group paid out £2.2m in compensation to four directors, David Bremner, Kevin McCarten, Rosemary Thorne and David Clapham.

In May, Sainsbury's claimed to be making progress in the supermarket battle, saying it had won a million more customers in the past year. It indicated that its underling sales growth continued to be encouraging following the 4.8 per cent growth reported in April.

Sir Peter has given himself a three-year deadline to turn Sainsbury's around. However, he only gave that pledge six months after he had joined.

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