Safeway, Morrison in the money

14 June 2001

Safeway, Morrison in the money

By FWi staff

SAFEWAY chief executive Carlos Criado-Perez received a pay package of more than 900,000 last year, reports The Times.

Mr Criado-Perez took a 828,000 salary and bonus on top of 110,000 contributed by the supermarket chain to his pension fund.

In this period Safeway staged a strong profits recovery and there are likely to be few complaints from investors who saw shares rise from 190p to 330p.

Last month the once-ailing group reported a 33% pre-tax increase in profits to 315 million after sales rose from 8.3bn to 8.9bn.

Meanwhile, the Daily Mail reports that Somerfield chairman John von Spreckelsen has rejuvenated former the “basket case” supermarket chain.

It says Mr von Spreckelsen has stopped the rot by launching a discount campaign to pull in customers.

Shares have jumped to a 20-month high of 138p ahead of preliminary results next month.

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