Tesco Chief Executive Sees His Pay Double To £10 Million

[Mister M]

2 hours ago, ECCOnoob said:

 

 

Those key workers "risking their lives" were not doing it out of the goodness of their heart. They are doing a job. A job they signed up to do.  A job that through its very nature required physical on-site presence.  

 

Can I just correct you there.

 

Many people did a lot of jobs through the pandemic through the goodness of their hearts. Health service staff such as doctors and nurses came out of retirement to help out, and there were plenty of volunteers in hospitals and other settings helping out in various capacities as well.

[pfifes]

50 minutes ago, Mister M said:

Can I just correct you there.

 

Many people did a lot of jobs through the pandemic through the goodness of their hearts. Health service staff such as doctors and nurses came out of retirement to help out, and there were plenty of volunteers in hospitals and other settings helping out in various capacities as well.

Yes, I agree.  I did mean in the sense that they were ALSO being paid for it and that that those without other means couldn’t live on fresh air doing it purely from the good of their hearts. They needed their wages to pay for essentials as we all do.  The volunteers were of course doing it from the good of their hearts.  That is the nature of volunteering.  But this thread isn’t about volunteering.
 

[ECCOnoob]

3 hours ago, pfifes said:

I felt that was implied in a certain person’s reply.  This person appears to think that people on minimum wage type jobs don’t deserve any better.  If they are struggling then it’s their own fault for not hard enough.  That they are doing these jobs because they are too dim or lazy for anything better.  Maybe ‘obnoxious losers’ is too strong but I think it’s fair to say he has little respect for people doing jobs that are absolutely essential.  

 

Well what you felt was completely wrong and a wild assumption about my posts. 

 

I have plenty of respect for people doing such jobs.  I don't deny that it's hard work and important work and needed work.

 

But what I won't accept is them somehow being placed on a pedestal with some meaningless title thrust upon them of "key workers" as if somehow everyone else doing a less manual, sat behind a desk, tapping away on laptops, white collar profession, workers from home etc... doesn't count. 

 

Neither will I accept that those key workers should somehow be deserving and entitled of more money "just because".   As I keep saying, the remuneration they receive is dictated by the market. It's drawn from their required  skills, their specialisms, their rarity, their worth to the company, their ease of replaceability, their qualifications.....   

[ECCOnoob]

1 hour ago, Mister M said:

Can I just correct you there.

 

Many people did a lot of jobs through the pandemic through the goodness of their hearts. Health service staff such as doctors and nurses came out of retirement to help out, and there were plenty of volunteers in hospitals and other settings helping out in various capacities as well.

 

Ok fair enough but if they are volunteers they're choosing to work for free so hardly relevant to a discussion about pay. 

 

As has already been said, if some doctors and nurses chose to come out of retirement and become employees again - that's different.   They're being paid for it. So goes back to the same arguement. They will be  paid a rate they agree to, based on what the market dictates their skills, qualifications and specialism is worth.  

[redruby]

Judging for the quality of Tesco food he should get a £10m pay cut

[Anna B]

Chief Exec getting paid £10 million?

Ridiculous.

Just another reason why our cost of living crisis is getting worse...

[ECCOnoob]

 

Why is it ridiculous?  

 

Firstly, can people read beyond the headlines.  His salary was in fact £4.7 million.    His basic pay increase was 3% this year in comparison to the hourly rate workers who had a pay rise of 9.1%.  Its all relative. 

 

Rest of his remuneration is from shareholdings awards because he hit multiple target.  Those shares at the moment are up because the company is doing well.  plenty of other people will also be benefiting from that nicely along with our own economy reaping the benefits.  However, like any shareholding they could easily come crashing down at a stroke so why shouldn't he enjoy a good dividend when he can. 

 

The man is running a £65 billion pound turnover company.  He is in command of a global business keeping over 3300 employees in work, operating 6500 stores and 8 subsidiary companies which achieved a £2 billion plus profit on last accounting year - which was more than 126% increase from the previous year.   That comes with a certain level of pay

[ECCOnoob]

 

Why is it ridiculous?  

 

Firstly, can people read beyond the headlines.  His salary was in fact £4.7 million.    His basic pay increase was 3% this year in comparison to the hourly rate workers who had a pay rise of 9.1%.  Its all relative. 

 

Rest of his remuneration is from shareholdings awards because he hit multiple target.  Those shares at the moment are up because the company is doing well.  plenty of other people will also be benefiting from that nicely along with our own economy reaping the benefits.  However, like any shareholding they could easily come crashing down at a stroke so why shouldn't he enjoy a good dividend when he can. 

 

The man is running a £65 billion pound turnover company.  He is in command of a global business keeping over 3300 employees in work, operating 6500 stores and 8 subsidiary companies which achieved a £2 billion plus profit on last accounting year - which was more than 126% increase from the previous year.   That comes with a certain level of pay. 

 

The Group paid out over 6.5 billion pounds in wages and salaries.  The CEO salary was under 0.07% of that. 

[Baron99]

3 hours ago, ECCOnoob said:

 

Why is it ridiculous?  

 

Firstly, can people read beyond the headlines.  His salary was in fact £4.7 million.    His basic pay increase was 3% this year in comparison to the hourly rate workers who had a pay rise of 9.1%.  Its all relative. 

 

Rest of his remuneration is from shareholdings awards because he hit multiple target.  Those shares at the moment are up because the company is doing well.  plenty of other people will also be benefiting from that nicely along with our own economy reaping the benefits.  However, like any shareholding they could easily come crashing down at a stroke so why shouldn't he enjoy a good dividend when he can. 

 

The man is running a £65 billion pound turnover company.  He is in command of a global business keeping over 3300 employees in work, operating 6500 stores and 8 subsidiary companies which achieved a £2 billion plus profit on last accounting year - which was more than 126% increase from the previous year.   That comes with a certain level of pay. 

 

The Group paid out over 6.5 billion pounds in wages and salaries.  The CEO salary was under 0.07% of that. 

Tesco's CEO is also responsible for this little lot.  Following from Tesco website:

 

'Tesco is a responsible taxpayer. We are one of the most significant contributors of tax in the UK and recognise the importance of the tax payments that we make in all the communities we serve. 

 

In our financial year to 24 February 2024 the group paid £5.4 billion of tax; taxes borne by the Group were £1.7 billion, and taxes we collect that are generated from our operations were £3.7 billion.'

Some of those moaning on the thread will just be taking out of the system.  They should remember that if it wasn't for the likes of Tesco's CEO running a successful BRITISH business, their benefits would be a lot lower.