Tesco chief’s pay more than doubles to £10m

The boss of Tesco has seen his pay package more than double to £10m following a bumper share award.

Ken Murphy, who took over as chief executive of the UK’s largest supermarket group in October 2020, was paid £4.7m in salary and bonuses for the past year.

The rest came from shares that were awarded to Mr Murphy when he joined and paid out this year after he surpassed a number of performance targets.

For the coming year, Mr Murphy’s basic salary will be increased by 3% which Tesco said is below a raise for its UK hourly-paid colleagues.

The company said: “When considering base salary increases for our senior executives, the committee continues to be mindful of both the wider colleague experience and our fairness principles.”

Tesco staff earn £12.02 or £13.15 an hour depending on where they work.