Morrisons CEO waives third of bonus despite sales & profits rise

2653
Morrisons plastic
// Morrisons CEO David Potts waives £598,000 of his maximum bonus of £1.7m
// Finance boss Trevor Strain also waived his bonus entitlements
// Strain has waived £437,000 of his £1.3m bonus entitlement

Morrisons chief executive David Potts has waived over a third of his bonus despite the grocer’s third consecutive year of a sales and profits uptick.

Potts was entitled to a maximum bonus of £1.7 million but gave up £598,000 after waiving his personal entitlement.

The Big 4 grocer revealed in its annual report that Potts and finance boss Trevor Strain both waived their bonus entitlements after “taking into consideration the overall performance, such as the lower increase in incremental profit from wholesale, services, interest and online”.

Strain has waived £437,000 of his £1.3 million bonus entitlement to receive a £3.2 million total pay packet.

Morrisons reported a 8.6 per cent rise in underlying pre-tax profits to £406 million in March, but on a statutory basis profits fell by 15.8 per cent to £320 million.

Meanwhile, like-for-like sales grew by 4.8 per cent over the year while retail like-for-like sales saw an uptick of 1.5 per cent.

Wholesale revenue, which includes its association with Amazon and its supply agreement with McColls convenience shops, increased by 3.3 per cent last year.

Click here to sign up to Retail Gazette’s free daily email newsletter