J Sainsbury paid the arch senior manager roughly 8 million last year, at a time when the supermarket reported the lowest sales expansion in five years.
Justin King enjoyed a 60 per cent enlarge on his prior years compensate packet. Basic compensate for the duration from Mar 2009 to Mar 2010, together with salary, pension supplements and bonuses, totalled 3.35 million. This was surfaced up by a 4.52 million benefit on share options warranted by long-term inducement schemes. Mr King owns shares in the association value 5.92 million at Mar 19.
During the period, the pre-tax enlarge of the association rose to 610 million, up 17.5 per cent.
Mr King was brought in to revive Sainsburys in 2004 after years of bad performance. He instituted a five-year debate called Making Sainsburys Great Again. Part of his arrangement includes shares awarded underneath incentive schemes that are piece of this plan.
Darren Shapland, financial director, was paid 3 million. He additionally enjoyed a substantial enlarge in his simple compensate last year up by 59 per cent to 1.54 million and perceived a serve 1.46 million by long-term share options.
About 127,000 Sainsburys workers common the companys greatest reward pot of 80 million. Basic salaries for the grocers senior manager directors have been frozen for 2010-11.
While Sainsburys sales have risen almost over the march of the five years, food cost acceleration has additionally shot up. However, supermarkets are facing some-more and some-more vigour on pricing, and slower sales growth. At Sainsburys stores, like-for-like sales growth, that excludes takings from new offered space, slumped to 1.7 per cent in the eleven weeks to Mar 20, compared with 6.2 per cent at the same time last year.
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