Tesco boss pockets £4m for 6 months work

Tesco Group Chief Executive, Dave Lewis, was awarded £4million for six months work, the supermarket chain’s annual report has revealed.

Lewis took home a salary of £570,000, benefits of £97,000 as pension worth £143,000 and £3.32million in bonuses to make up for those he forfeited on leaving his previous position at Unilever.

In the report Tesco said: “On leaving Unilever, Dave Lewis forfeited outstanding awards under the performance-related deferred bonus matching plan (MCIP) and under the long-term performance plan (GSIP). These awards were subject to performance and were capable of vesting between 0% and 200% of the initial award granted.

“Unilever does not disclose targets for long-term incentive awards and therefore it was not possible to estimate the level of vesting for outstanding awards. The Committee therefore decided that it was appropriate to buy out these awards assuming that performance was met at target (i.e. 100% vesting of the initial award).