// Tesco CEO Ken Murphy has taken home a £4.7m pay packet
// This comes amid surging inflation, which has worsened the cost-of-living
Tesco chief executive Ken Murphy has pocketed a bumper pay deal amounting to £4.74 million over the last year.
It comes as Brits face rising food prices amid surging inflation.
Murphy’s overall remuneration package was 224 times the total pay and benefits of the median member of staff at Tesco, which was £21,217.
A total of £3.2 million of the pay was awarded as a performance-related bonus after the supermarket recovered during the pandemic.
READ MORE: Tesco trials in-store flexible office space
Murphy, who started as Tesco’s chief executive in October 2020, received a £1.54 million basic salary for the year to February.
Tesco’s pre-tax profits jumped to £2.03 billion in the year ending February 26, up from £636 million the previous year.
According to the annual report, Murphy also received £992,000 for his first five months as CEO in the previous financial year.
Dave Lewis, Murphy’s predecessor, pocketed £6.3 million in total pay in the 2020 financial year.
Chairman John Allan saw his pay deal stay round the same at £695,000.
Tesco’s new chief financial officer Imran Nawaz was handed £5.4 million. He also received a £3.5 million compensation payment after leaving his position at Tate & Lyle.
The company also highlighted its stores and warehouse staff received a 5.8% increase in basic pay.
Click here to sign up to Retail Gazette‘s free daily email newsletter
