Tesco CEO more than doubles his salary

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From £4,740,000 a year last year, to £9,930,000 this year.

Next time you see the price of your weekly shop doubling you'll know the reason why.
 
I'd like to think that either that is all PAYE so half plus 12%NI is going to the Exchequer, or most of it is in share options with a challenging target price. Probably neither though...
 
And we have to put up with the uttery stupid adverts , Not used them for decades.
 
We’ve not been in Tesco or Sainsbugs for over a decade! Lidl is our local supermarket and they are marvellous :)
 
quite like our local tesco express they have a massive reduced section we raid it most days :)
 
Tesco is a public company providing a service which customers can (at least hypothetically) choose to use or not. If they double the price of a weekly shop and Morrisons and ASDA don't they'll face the consequences so really it's up to them what they pay their "staff." But this assumes "they're" (Tesco, ASDA etc.) not all in it together and I wouldn't put anything past anyone these days.

TBH I have more of a problem with pay rises which have consequences for the public which they can't avoid.

In all this I think back to the days of the pandemic when some of us reassessed who we thought of as essential workers.
 
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If you don’t approve shop elsewhere, but I think you’ll find CEOs of similar companies all have the same standard of renumeration, else they wouldn’t do it.
Sure NI contributions have a cap so he won’t give up 10% of the total.
 
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mj4456 said:
If you don’t approve shop elsewhere, but I think you’ll find CEOs of similar companies all have the same standard of renumeration, else they wouldn’t do it.
Sure NI contributions have a cap so he won’t give up 10% of the total.
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You could quarter the salary of every CEO of company this size and they would still be queuing up round the block for a job. Nearly £10M is utterly ridiculous for any job but particularly one as easy as that.
 
wookie6262 said:
You could quarter the salary of every CEO of company this size and they would still be queuing up round the block for a job. Nearly £10M is utterly ridiculous for any job but particularly one as easy as that.
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Just offer the job to his secretary who'd probably do a much better job as they probably do most of it anyway.
 
wookie6262 said:
You could quarter the salary of every CEO of company this size and they would still be queuing up round the block for a job. Nearly £10M is utterly ridiculous for any job but particularly one as easy as that.
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So you have experience as CEO of a major company like Tesco to confirm it’s easy? Were your shareholders happy?, Disagree with the renumeration(likely based on profits) don’t go there.
 
mj4456 said:
So you have experience as CEO of a major company like Tesco to confirm it’s easy? Were your shareholders happy?, Disagree with the renumeration(likely based on profits) don’t go there.
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Shareholders are happy if they get a dividend, they go by the bottom line and rarely have any thought to how the money was earned. They were probably happy when Tesco lied and overstated there profits until they got found out. Those that owned shares in Banks were probably delighted whilst all the criminal activity wasn't being picked up but less so when they realised it was all a lie. The stock market is a lie anyway you only have to look at Gamestop shares to realise what a complete sham it is and how easy it is to manipulate if you have money. Ken Murphy is of course very happy as he now has substantial shareholding.

Tesco are in an artificial market with a customer base that is basically forced to shop in supermarkets and often that means the closest to them. Tesco still have a dominant position so get huge sales regardless of how good or bad they are. They have scale and position so will be successful unless someone really stupid or really greedy gets the reins. Much like RBOS. I appreciate they have other businesses under the umbrella

I disagree with anyone getting paid that much especially when that pay comes from profits which means working people are having to pay more than they need for essentials. Many of those working people are not eating enough and someone doing a job where they are basically a figurehead in a business that has little chance of failing. The person who tells me where they have moved the beans to in Tesco is far more important and they are likely needing to tell me because some t*** like the CEO has demanded everything moves regularly to make sure shoppers stay in the store longer.
 
Tesco was started on the principal of pile it high and sell it cheap , that’s now gone down the pan ..
 
People have a choice where to shop, but farmers have little opportunity to sell to other than big supermarkets by and large, and much of the profit comes from driving costs down - ie what they pay to producers - rather than retail prices paid by consumers.
Also, small shareholders are generally treated with disdain by big companies - it is the fund managers of pension funds etc that the big companies court and must keep happy,, and these investors want to see share price growth more than dividends, so the CEO is constantly being pushed to show share price growth through driving down costs (staff, input costs, property rents) and increasing the size of the business (market share, takeovers). It's a mucky ruthless business being a CEO.
 
the black fox said:
Tesco was started on the principal of pile it high and sell it cheap , that’s now gone down the pan ..
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We have much cheaper foods than US, Germany and Cyprus based on recent travels, quite possibly many other similar countries too.
 
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