Sir Peter Davis, CEO of Sainsbury, picked up a whopping £1.07m for his first full year's work at the struggling retailer. His basic salary of around £750,000 was augmented with a £300,000 bonus, according to the supermarket group's latest annual report.

Added to his personal coffers are the three million share options he owns, now worth about £5.2m.

Davis, who became CEO in March of last year, made a pledge last September to turn Sainsbury's fortunes around within three years. By May this year, the group insisted that it was making headway with encouraging sales growth.

Sainsbury's chairman, Sir George Bull, was paid £242,000 for his work during 2000.

In May, it was revealed that three Tesco directors had also been paid over £1m each, in recognition of the record breaking profit made by the retail giant during 2000.

To read about the big bonuses at Tesco, click here.

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