Sainsbury’s chief sees pay deal bounce to virtually £5m amid cost-of-living disaster
T
he boss of Sainsbury’s has been handed an virtually £5 million pay bundle for the previous yr as consumers face hovering meals costs.
Simon Roberts, who has been chief govt of the UK’s second largest grocery chain since 2020, noticed his total pay deal for the yr to March rise by greater than £1.4 million to £4.947 million.
The pay deal – which was revealed within the firm’s newest annual report – contains virtually £4 million in bonuses regardless of the group posting decrease earnings for the yr.
His whole pay bundle is round 229 instances that of the common Sainsbury’s employee, who earns a typical £21,635, in keeping with the annual report.
Mr Roberts acquired a base wage of £899,000, in addition to annual advantages of £17,000 and £67,000 value of pensions funds.
He additionally acquired an annual bonus of £1.7 million and long-term incentives value £2.26 million.
Sainsbury’s finance boss Kevin O’Byrne additionally noticed his pay bundle enhance for the yr, in keeping with the report.
He acquired a pay deal value a complete of £3.3 million, up from £2.95 million for the earlier yr.
His newest deal included a £675,000 base wage and round £2.5 million in bonuses, alongside different advantages.
It got here regardless of a dip in annual earnings at Sainsbury’s after it took a success from hovering prices and held again worth rises for consumers.
The grocer reported a 5% fall in underlying pre-tax earnings to £690 million for the yr to March 4.
It got here because the agency stated it spent £560 million on enhancing costs as consumers got here underneath strain from rampant food and drinks inflation.
Food inflation struck 19.3% in April, in keeping with the most recent figures from the Office for National Statistics (ONS), remaining close to the 45-year-high of 19.6% recorded the earlier month.
The hovering inflation has included sharp will increase within the worth of staples comparable to milk, bread and eggs.
Unite normal secretary Sharon Graham stated: “The supermarkets have been protesting, claiming they’re not profiteering and contributing to the cost-of-living crisis.
“Meanwhile, people are paying the price at the tills.
“Simon Roberts’ bonanza bonus tells a very different story. His £5 million pay package is a reward for delivering profiteering profits.”