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Tesco's UK boss Matt Davies awarded 'golden hello' of £3.2m


More than one of Tesco’s most senior bosses has been rewarded shares worth almost £4m as part of their bonuses.

According to The Daily Mail, former Halfords CEO Matt Davies, who was drafted in to Britain’s biggest retailer to save its UK business, was handed shares worth £3.2m. 

The golden hello was to compensate him for the long-term incentives he was forced to forgo when he joined the big four grocer.

Following a departure from Marks & Spencer, Finance Director Alan Stewart received £117,886 for the same reason.

Two other directors, Tesco bank boss Benny Higgins and Chief Product Officer Jason Tarry, were given shares in connection with their bonus.

It is understood that Japanese retailer Aeon is interested in Tesco’s Malaysian operations in the hope it is one of the non-core assets CEO Dave Lewis is looking to sell.

Published on Wednesday 08 July by Veebs Sabharwal

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