Two Tesco executives have received almost three million pounds in liquidation damages after leaving the UK supermarket chain.
Former UK chief Richard Brasher was handed £1.3m and Tim Mason, head of the now defunct US venture Fresh & Easy, was given £1.6m, the Daily Mail reported.
The payments come at the height the retailer's troubles. Last month the company reported its first annual profit fall for the first time in two decades.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Chief Executive Officer, Phil Clarke, said the drop in profits were a result of a £1.0bn restructuring plan which was launched after the supermarket issued a profit warning in January 2012.
Clarke and his top team missed out on their annual bonuses this year to compensate for the disappointing results.
The chief's pay package remained unchanged from the previous year at £1.1m while Finance Director Laurie Mcllwee's pay fell from £1.1m to £0.91m.
Store workers, including shelf stackers and check-out employees, also saw their pay-outs fall from £110m to £56m, the equivalent of £1,625 per worker.
RD
-
Ofgem proposes new energy tariffs with low or no standing changesStanding charges have invited public backlash as households battle high energy bills
-
Google shares bounce on Gemini 2.0 launchGoogle has launched the latest version of its Gemini AI platform, and markets have responded positively. Is it time to buy Google shares?
