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.
2015 European Supermarket Magazine – your source for the latest retail news.