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Retail

Tesco CEO Ken Murphy Made £4.75m In 2021-22

Ken Murphy, the CEO of Tesco, Britain's biggest retailer, received a total pay package of £4.75 million (€5.6 million) in 2021-22 and has been awarded a salary increase for the current year, the group's annual report showed.

Published on Friday, the report said Murphy, who joined Tesco in 2020, had fixed pay of £1.54 million (€1.8 million) and performance related pay of £3.21 million (€3.8 million).

It said Murphy would get a salary increase of 2.25% in 2022-23, which it noted was below the increase given to Tesco's hourly paid store and customer fulfilment centre staff of 5.8%.

Surging Inflation

Last month, Tesco reported a 36% jump in profit for 2021-22 but warned of a drop this financial year as surging inflation piles pressure on the supermarket group and its customers alike.

Read More: Tesco Full-Year Results – What The Analysts Said

News of Murphy's pay package comes three days after Tesco chairman John Allan told BBC radio he had witnessed Tesco customers rationing their food purchases.

'Real Food Poverty'

He said the UK was "seeing real food poverty for the first time in a generation" and called on the government to do more to help those suffering the most from the cost of living crisis.

Last month, Ken Murphy said that he expects online grocery penetration to remain high, despite shoppers returning to stores after the pandemic. The retailer also has solid expansion plans for its Tesco Whoosh rapid delivery concept.

News by Reuters, edited by ESM – your source for the latest retail news. Click subscribe to sign up to ESM: European Supermarket Magazine.

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