Boss of Britain’s Tesco made $5.8 million in 2021-22

LONDON (Reuters) – Ken Murphy, the CEO of Tesco, Britain’s biggest retailer, received a total pay package of 4.75 million pounds ($5.8 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 pounds and performance related pay of 3.21 million pounds.

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%.

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.

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.

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.

($1 = 0.8187 pounds)

(Reporting by James Davey, Editing by Paul Sandle)