// Sainsbury’s Mike Coupe criticised by shareholders & MPs for his £3.9m pay packet
// The pay packet represents a 7% increase from the previous year despite failed Asda merger
Sainsbury’s chief executive Mike Coupe has been condemned by shareholders and MPs for pocketing a £3.9 million pay packet.
Despite the grocer’s failed merger with Asda in late April, the £3.9 million pay packet represents an increase of seven per cent from the previous year.
Siobhain McDonagh MP said Coupe should review his bonus and consider giving it up as retail staff were treated unjustly in comparison with bosses.
Last year, Sainsbury’s was accused of cutting its 9000 staff member’s pay after it eradicated paid breaks for long-serving employees.
However, last month Sainsbury’s chairman Martin Scicluna said the failed merger was “not a cock-up” and that the CMA made a decision despite Sainsbury’s doing a “very good job”.
Shareholders will vote on pay at Sainsbury’s AGM on July 4.
“Executive pay is set by the remuneration committee and bonuses are subject to stretching targets,” Sainsbury’s said.
“The business has hit a number of targets this year, including increasing profit, reducing net debt and increasing the dividend, which is why we have paid a bonus to eligible colleagues.”