Tesco UK’s CEO Dave Lewis has been handed a £6.4 million pay packet, the biggest annual amount given to an executive at the supermarket since the departure of Sir Terry Leahy nearly a decade ago.
Lewis, who will leave the business in September, has received a £2.4m annual cash bonus and another £2.4m long-term share bonus on top of £1.6m in basic salary and benefits. His basic salary alone is 355 times that of the lowest-paid average employee.
He leaves the company at the end of September – having extended his contract to deal with the Covid-19 crisis – and will be replaced by Boots executive Ken Murphy.
Mr Lewis has defended his pay in the past, pointing out it is set by the board and that he likes to make significant contributions to charity.
Since joining Tesco in September 2014 and instigating a major turnaround, Mr Lewis has so far been paid £29 million, according to accounts.