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Ousted Morrisons Boss Philips To Net £3m

Published on Apr 28 2015 3:50 PM in Retail tagged: Morrisons / Dalton Philips

Ousted Morrisons Boss Philips To Net £3m

Dalton Philips, the former CEO of retail giant Morrisons, has walked away from the struggling retail chain with £3 million, and could receive a further £1.6 million windfall over the next two years, according to reports.

This massive leaving package has been paid out despite a collapse in the company’s profits as a result of losing customers to discount rivals Aldi and Lidl.

As reported by the UK's Independent, Morrisons’ annual report, which was released last night, shows Philips (pictured) took home a salary of £850,000, a bonus of £1 million and a further £239,000 thanks to his pension and benefits.

It's reported that as part of his leaving package, Phillips will also be entitled to a £24,000 car allowance and private healthcare, along with an iPad and iPhone.

Morrisons annual report also revealed that chairman Andrew Higginson will be paid £400,000 a year for his role, a six per cent pay rise compared with his predecessor Ian Gibson.

The struggling grocer has made many changes recently, including slashing half of its staff in its head office in Bradford, England. 

2015 European Supermarket Magazine – your source for the latest retail news.

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