Stat of the day: 21%

The pay cut taken by Sainsbury's CEO Justin King last year.

by James Taylor
Last Updated: 09 Oct 2013
Sainsbury's had a pretty good last financial year, with like-for-like sales, profits, customer numbers and market share all up. But that hasn't been reflected in the pay packet of much-admired CEO Justin King: according to the retailer's annual report, King took home £2.6m last year, down from £3.3m the year before.

This doesn’t come as a complete shock, however: at the time of its annual results in May, Sainsbury's said that it was cutting its bonus pool from £80m to £60m, partly because of concerns about how the coming year would pan out. Given that King's basic salary actually rose from £900,000 to £920,000 last year (a measly 2.2% - he should get on to his union rep), it looks as though his bonus has been squeezed too. A spokesperson told the Independent that the retailer had failed to 'exceed certain performance targets by a high enough margin'.

OK, so this pay cut is unlikely to force King into eating Basics baked beans every night for the next 12 months - not least because last year he cashed in £4.5m worth of share options, taking his total package came to nearly £8m. And if the staff are getting lower bonuses, the CEO should too. But it does make you wonder what his targets were...

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