Tesco's chief executive Philip Clarke turns down £372,000 bonus payment
Philip Clarke, the chief executive of Tesco, has decided not to take a bonus this year after the grocery giant's issued its first profit warning in 20 years at the start of the year.
The Tesco lifer would have been entitled to about £372,000 if he had decided to take the 13.5 per cent of the maximum bonus being given to other executives. As a result, Mr Clarke's total pay nearly halved to £1.16m for the year to February.
Tesco's underlying sales fell over Christmas and it vowed to invest about £1bn to turn around its domestic performance. While its UK staff will share a bonus pot of more than £110m, 5,000 managers will see their bonuses slashed to 16.9 per cent of the maximum payable.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies