Tesco cuts CEO’s base salary in executive pay rejig | Reuters
Reuters – Tesco, the world’s third-biggest retailer, is simplifying its executive pay scheme and cutting the base salary of its chief executive as it seeks to end rows with shareholders over how it pays its leaders. The British group, which saw 47 percent of shareholders either vote against or abstain in a vote over executive pay last July, said on Tuesday it expected the new pay scheme would deliver broadly the same level of rewards as before. However, it said the scheme was simpler and, particularly in the case of the chief executive’s package, more focussed on performance-related elements than fixed payments. New boss Phil Clarke will receive a base salary of 1.1 million pounds, down from the 1.4 million received by his predecessor Terry Leahy, who retired in March.
Strange Random Salary Quote:
- Tesco shakes up executives’ pay (mirror.co.uk)
- Tesco unveils overhaul of executive pay (independent.co.uk)
- Anger as chief executive pay jumps 32pc (telegraph.co.uk)
- Back in the green: CEO pay jumps 13 per cent (theglobeandmail.com)
- British executive pay triples, Canada up as well (americablog.com)
- Tesco appoints Sir Richard Broadbent as new chairman (telegraph.co.uk)
Posted on May 31, 2011, in Article and tagged Alfred Hitchcock, Chief executive officer, Executive pay, Phil Clarke, Reuters, Salary, Shareholder, Terry Leahy, Tesco. Bookmark the permalink. Leave a comment.