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No bonus for Tesco CEO Tuesday, 22nd May 2012
Tesco chief executive Philip Clarke, Photo credit: Tesco plc
Philip Clarke, chief executive of Tesco, has declined an annual bonus worth around £372,000 after a poor performance by the retailer across the UK.
An announcement posted on Tesco’s website on Tuesday said its top 5,000 managers will receive a reduced annual bonus of 16.9 per cent of their maximum entitlement. Executive directors including Clarke will each be offered 13.5 per cent of the maximum entitlement, amounting to around £372,000.
Clarke told Reuters that he decided at the beginning of the year to decline his annual bonus for 2012: "I wasn't satisfied with the performance in the UK and I won't take the bonus. I'm confident that we're tackling the right issues."