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Sainsbury's Chief Executive Coupe Is 'In The Money'

Published on Jun 11 2018 8:59 AM in Retail tagged: Trending Posts / Sainsburys / UK / Mike Coupe / Pay Rise / CEO

Sainsbury's Chief Executive Coupe Is 'In The Money'

The chief executive of UK retailer Sainsbury's, caught on camera in April singing "We're in the Money", as the retailer announced a potential tie-up with Walmart-owned Asda, received a bumper 2017-18 pay rise, the British supermarket group's annual report has revealed.

Mike Coupe's total remuneration jumped to £3.43 million, up from from £2.35 million in 2016/17, the retailer said.

Caught On Camera

Coupe, Sainsbury's CEO since 2014, made unwanted headlines with his singing just hours after announcing that the supermarket he runs would buy rival Asda for £7.3 billion.

He later apologised and explained he had been trying to settle his nerves before a television interview.

His increased package reflects a 1.5 percent increase in base salary to £943,000, an annual bonus of £427,000 versus zero the previous year, and a long-term incentive plan payment of £1 million, up 58 percent.

Other parts of his pay package were broadly stable.

In April Sainsbury's reported its first rise in annual profit in four years.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

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