Singing Sainsbury's Boss Back In The Money

By Donna Ahern
Singing Sainsbury's Boss Back In The Money

The chief executive of Sainsbury's, caught on camera in April singing "We're in the Money", received a bumper 2017-18 pay rise, the British supermarket group's annual report said on Friday.

Mike Coupe's total remuneration jumped to £3.43 million ($4.59 million) from £2.35 million in 2016-17.

Coupe, Sainsbury's CEO since 2014, made unwanted headlines with his singing hours after announcing that the supermarket he runs would buy rival Asda for £7.3 billion. He apologised and explained he had been trying to settle his nerves before a television interview.

His increased package reflects a 1.5% increase in base salary to £943,000, an annual bonus of £427,000 versus zero the previous year, and a long-term incentive plan payment of £1 million, up 58%. Other parts of his pay package were broadly stable.

In April Sainsbury's reported its first rise in annual profit in four years.

News by Reuters, edited by Donna Ahern. Click subscribe to sign up for the Checkout print edition.


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