Tesco’s CEO Ken Murphy was paid £4.4mln in the year to 31 March 2023 with food inflation remaining at sky-high levels.
Murphy’s total pay package was 6% less than a year earlier when he received £4.7mln.
Despite his fixed pay climbing to £1.71mln from £1.5mln, his bonus was slashed to £2.7mln from £3.2mln.
This was due to falling short of some key targets, such as adjusted operating profit and sales.
Murphy is expected to receive a 3% salary increase this year, with Tesco noting this was “considerably less” than the 8% store staff received.
Supermarkets like Tesco have been bashed for hiking prices of food and profiting from customers amid a cost-of-living crisis.
Food inflation remains at sky-high levels at 19.2%.
Tesco’s shares were little changed, changing hands at 273p.