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Tesco supermarket boss gets bumper pay packet for turnaround

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By Euronews  with Reuters
Tesco supermarket boss gets bumper pay packet for turnaround

British supermarket chain Tesco has paid its Chief Executive Dave Lewis a cash and shares bonus for the current financial year of almost three million pounds (3.8 million euros).

The huge payout reflects the progress he has made in turning around the retailer, which is the largest in the UK.

Before Lewis was hired, from consumer goods group Unilever, Tesco was in a slump, hammered by changing the changing habits of British shoppers and the rise of the German discounters Aldi and Lidl.

Lower prices, streamlined product ranges and improved customer service just led to Tesco’s first rise in underlying operating profit in four years. It also reported its first quarter of underlying UK sales growth for over three years.

Lewis, who succeeded the sacked Philip Clarke in September 2014, received total remuneration of 4.63 million pounds (5.88 million euros) made up of his salary and bonus, plus pension and additional benefits.

Tesco said that 265,000 UK employees will also share a 185 million pound (235 million euros) turnaround bonus.

The bonus, which averages out at just under 700 pounds (890 euros) per worker, will be paid in June and staff can take it either as cash or shares.