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May 30, 2006

UK: Tesco boss sees pay rise by 25%

Tesco chief executive Sir Terry Leahy was paid almost 25% more last year than in the previous 12-months, pocketing almost GBP4m (US$7.54m) in salary, bonus and other benefits for the year to 25 February, up from GBP3.2m the previous year.

Tesco chief executive Sir Terry Leahy was paid almost 25% more last year than in the previous 12-months, pocketing almost GBP4m (US$7.54m) in salary, bonus and other benefits for the year to 25 February, up from GBP3.2m the previous year.

Tesco’s annual report revealed that Leahy’s basic pay grew by only 6% to GBP1.1m while performance related benefits increased by 44% to GBP97,000. Leahy was also awarded 1.28m shares.

Details of the pay rise come weeks after Tesco reported full-year profits of GBP2.3bn.

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