Tesco cuts CEO’s base salary in executive pay rejig | Reuters

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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.

via Tesco cuts CEO’s base salary in executive pay rejig | Reuters.

Strange Random Salary Quote:
“When an actor comes to me and wants to discuss his character, I say, ‘It’s in the script.’ If he says, ‘But what’s my motivation?, ‘ I say, ‘Your salary.’” – Alfred Hitchcock (English Film Director, 1899-1980)
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Posted on May 31, 2011, in Article and tagged , , , , , , , , . Bookmark the permalink. Leave a comment.

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