// Sainsbury CEO Mike Coupe took home nearly £3.88m last year, compared to £3.63m the year before
// His overall pay rose by 7% but his bonus was given a 40% boost
// Boost to his annual bonus came despite presiding over the failed merger with Asda
Sainsbury’s chief executive Mike Coupe has received a 40 per cent boost to his annual bonus despite presiding over the Big 4 retailer’s failed merger with Asda.
Coupe – who was caught singing We’re in the Money last year while waiting to be interviewed on live TV about the now-failed merger with Asda – saw his total pay package increase to £3.88 million compared to £3.63 million in the year before, according to Sainsbury’s annual report.
Broken down, his overall pay rose almost seven per cent while annual bonus came in at £593,000 – an almost 40 per cent increase compared to £427,000 last year.
However, Coupe’s deferred share award decreased 23 per cent to £582,000.
Finance chief Kevin O’Byrne and Argos boss John Rogers have also been lined up for pay increases this year, receiving £2.2 million and £2.5 million respectively.
It comes after Sainsbury’s was left with a £46 million bill for professional advice relating to its takeover of Asda, which the CMA ended up blocking in April year.
Writing to shareholders in its annual report, Sainsbury’s chairman Martin Scicluna said: “In the current retail market, it is obvious that standing still is not an option.
“We must continue to adapt to market forces and meet the needs of our customers.
“We were, therefore, very disappointed by the Competition and Markets Authority’s decision on our proposed merger with Asda.
“We strongly believe that the deal would have benefited our customers and our business.”