Sainsbury’s chief executive Justin King is set to receive a multi-million pound windfall to ensure he is not tempted by a bigger wage package under private equity ownership.
National press has reported that chairman Sir Philip Hampton has written to the group’s top 20 shareholders asking them to come up with a new incentive scheme for King.
With a 17 per cent pay rise to £850,000, and his bonus, King may earn more than £2.3 million this year, up from £1.9m in 2006.
The chief exec has also been awarded shares worth 65 per cent of his salary, valued at £554,000, to vest in three years’ time, another move designed to ensure his loyalty to the retail group.
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