Sainsbury’s boss gets bonus boost despite failed Asda deal
Sainsbury’s boss Mike Coupe received a 40% boost to his annual bonus this year despite presiding over the supermarket’s failed merger with Asda.
Mr Coupe’s total pay package increased to £3.88 million, compared to £3.63 million in the year before, according to the company’s annual report.
This includes an annual bonus of £593,000, up almost 40% on £427,000 last year.
His base salary, pension benefits and long-term incentive plan awards also rose, but his deferred share award (DSA) was down 23% at £582,000.
Finance chief Kevin O’Byrne and Argos boss John Rogers have also been lined up for pay increases this year, receiving £2.2 million and £2.5 million respectively.
It comes after a turbulent year for the retailer, in which its proposed multi-billion mega-merger with Asda was scrutinised and finally blocked by the competition regulator in April.
In its annual results last month, Sainsbury’s revealed a £46 million bill for preparation costs associated with the deal.
Writing to shareholders in the report, chairman Martin Scicluna said: In the current retail market, it is obvious that standing still is not an option. We must continue to adapt to market forces and meet the needs of our customers.
“We were, therefore, very disappointed by the Competition and Markets Authority’s decision on our proposed merger with Asda. We strongly believe that the deal would have benefited our customers and our business.”