UK: Sainsbury’s boss gets pay rise despite failure of Asda deal

Sainsbury’s boss Mike Coupe, whose attempt to take over rival UK supermarket chain Asda resulted in failure, saw his total annual pay package rise to nearly US$5 million, the group’s annual report showed on Tuesday, June 4.

Coupe’s total remuneration for the financial year to March 9, 2019, was £3.88 million (US$4.9 million), up from £3.63 million in the previous year.

Coupe, Sainsbury’s CEO since 2014, made unwanted headlines shortly after the £7.3 billion Asda deal was announced in May 2018 when he was caught on camera singing “We’re in the Money.” He apologised, saying he had been trying to compose himself before a television interview.

His increased package for 2018-19 reflects a base salary of £962,000 (US$1.2 million), benefits of £17,000 (US$21,590), pension of £289,000 (US$367,036), an annual bonus of £593,000 (US$753,123), a deferred share award of £582,000 (US$739,151), and a long-term incentive plan of £1.44 million (US$1.8 million).