Sainsbury's CEO Justin King has been awarded a 23 per cent pay rise, with the supermarket boss pocketing a combined annual salary of £4.27 million.
On top of earning a basic salary of £940,000, for the year ending March 2013, King also doubled his performance bonus to £996,000, alongside earnings of £313,000 in pension benefits, £975,000 in shares deferred for two years, and a further £1m in shares, partly deferred, through Sainsbury's long-term incentive plan.
Sainsbury's, the UK's third most popular supermarket, behind Tesco and Asda, reported a 6.2 per cent climb in annual profits back in May. Meanwhile, new data, from market research firm Nielson, claimsSainsbury’s is currently leading growth among the UK’s top four supermarkets, with a 4.9 per cent increase in sales for the 12 weeks to 25 May 2013.
It has been reported that King could earn £5.8m in 2014 if he hits all his performance targets.
Meanwhile, M&S CEO Marc Bolland was paid less than half of his annual bonus, taking home£829,000. The upmarket retailer'sunderlying profits fell 6 per cent to £665.2m in the year to March 2013, while pre-tax profit fell 14 per cent, the lowest since 2005.
