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Tesco boss sees bonus cuts

by May 12, 2017

written by 12^th May 17 9:56 am

These are the figures

Tesco’s boss, Dave Lewis had his bonus cut for 2016/17. This is despite the firm seeing “a year of strong progress”.

The firm’s annual report showed that its chief executive took home £4.1m. This is down from £4.6m in the previous 12 months. Alan Stewart, Tesco’s finance chief saw his bonus cut by £400,000 to £1.2m.

These cuts came about in a year where Tesco recorded its first annual increase in sales for seven years.

Despite this good news profits felt the pressure due to fines and other costs associated with the conclusion of investigations into the chains £326m profits scandal. This pre-dated Lewis’ tenure.

Since Lewis joined the business he has sold off non-core companies, cut prices, streamlined product lines, trimmed management jobs and closed unprofitable stores as part of his turn-around.

Tesco’s share price is up 13 per cent over the past 12 months.