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Retail

Ousted Morrisons Boss Philips To Net £3m

By Publications Checkout
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Ousted Morrisons Boss Philips To Net £3m

Dalton Philips, the former CEO of retail giant Morrisons, has walked away from the struggling retail chain with £3 million, and could receive a further £1.6 million windfall over the next two years, according to reports.

This massive leaving package has been paid out despite a collapse in the company’s profits as a result of losing customers to discount rivals Aldi and Lidl.

As reported by the UK's Independent, Morrisons’ annual report, which was released last night, shows Philips (pictured) took home a salary of £850,000, a bonus of £1 million and a further £239,000 thanks to his pension and benefits.

It's reported that as part of his leaving package, Phillips will also be entitled to a £24,000 car allowance and private healthcare, along with an iPad and iPhone.

Morrisons annual report also revealed that chairman Andrew Higginson will be paid £400,000 a year for his role, a six per cent pay rise compared with his predecessor Ian Gibson.

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The struggling grocer has made many changes recently, including slashing half of its staff in its head office in Bradford, England. 

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