Sacked Asda quartet share pounds 1.36m

FOUR sacked directors of Asda, the troubled supermarkets group, shared a pounds 1.36m pay-off, according to the annual report published yesterday, writes Patrick Hosking.

The report also shows that Archie Norman, the chief executive, was paid pounds 169,000 in his first five months, equivalent to an annual salary of more than pounds 400,000.

It is thought that the largest pay-off went to John Hardman, the former chairman and chief executive who left in June last year, bowing to pressure from institutional shareholders.

The others sharing compensation for loss of office were Graham Stow, former chief executive of Asda Stores, Geoffrey Carr, development director, and Ron Scott, finance director.

Mr Norman, former finance director of the Kingfisher retail group, has also been granted options over more than 4.4 million Asda shares.

The options start to become valuable if the Asda share price rises above the exercise price of 38p. The shares closed yesterday at 26 1/2 p, up 1p.