19 May 2000
Seven-figure pay for Tesco bosses

SUPERMARKET giant Tesco paid its chief executive and deputy chairman seven-figure salaries last year, reports The Daily Telegraph.

Chief executive Terry Leahy total package totalled 1.17 million, as pre-tax profits rose 11% to 933m.

Some 476,000 of the payment was awarded under incentive plans.

And deputy chairman David Reids salary rose to 1.05m, including 423,000 under incentive schemes.

Meanwhile, supermarket chain Sainsbury has been approached by Wickes, the DIY retailer, which has received a hostile 327m bid from rival Focus Do It All.

The Telegraph reports that Wickes views Sainsbury – which owns the UKs second biggest DIY chain Homebase – as a possible white knight.

  • The Daily Telegraph 19/05/2000 page 33