// Sainsbury’s CEO Simon Roberts saw his take home pay, which inclues annual bonus and long-term incentive plan, jump 185% to £3.79million
// The Sainsbury’s remuneration team pointed out he would have taken home £2.90m in 2020/21 if he had worked their for the full term and had not waived his bonus
Sainsbury’s boss Simon Roberts’ pay packet almost trebled in its last financial year, although the grocery exec opted to waive his bonus the prior year.
Roberts’ take home pay, which includes annual bonus and long-term incentive plan, hit £3.79million, up 185% from the £1.32million paid out the prior year.
However, the Sainsbury’s remuneration committee pointed out that Roberts, who took the helm of the grocer in June 2020, was not in charge for the full year in 2020/21 and waived his bonus amid the coronavirus crisis.
Sainsbury’s said at the time that Roberts shunned the bonus that it was “another example of his integrity as a leader”.
On a full-time equivalent basis, had he not waived his bonus, he would have taken home £2.90m in 2020/21.
READ MORE: Sainsbury’s to axe 300 jobs as it ramps up cost-cutting drive
Sainsbury’s chief financial officer Kevin O’Byrne’s pay packet rose to £3.17m, up from £2.33m the prior year.
Salaries of Sainsbury’s executive directors, including Roberts and O’Byrne remained static last year, however, the pair picked up 87% of the available annual bonus – £1.68m for Roberts and £1.03m for O’Byrne.
Meanwhile, Roberts’ took home an additional £1.15m as part of his long-term incentive plan and O’Byrne an extra £1.33m. The remuneration committee flagged that they stripped out £100m worth of sales as Sainsbury’s, like all supermarkets, received a boost during Covid when non-essential retailers and pubs and restaurants were closed.
Dividends are set to increase 24% to £300 million, the largest figures since 2015.
Sainsbury’s profits doubled last year to £730 million but are expected to drop back this year.
The grocer is also facing demands from some shareholders, led by campaign group ShareAction, to commit to paying a “real living wage”.
A resolution on the matter will be put to the vote at next month’s annual meeting.
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