No bonus for Morrisons man

28 March 2014

morrisons 300x300 The chief executive of Morrisons is giving up his bonus. This follows a disaster of a year for the UK's fourth-biggest supermarket chain, wherein they issued two profit warnings and 100,000 staff member's bank details were posted online by badmen.

Dalton Philips thought it best to forego his cash-and-shares package of £374,000, seeing as the group lost their market share, and warned that 2014's underlying profit would be half the £732 million expected.

However finance director Trevor Strain is having none of it, and accepted his £211,000 bonus and probably made it rain all over Dalton Philips' office, just to rub it in.

Morrisons recently posted an annual loss, after investing in an online platform and a rollout of smaller convenience versions had taken up most of the group's profits.

Despite the shares falling 20% over the past year the remuneration scheme still managed to trigger a bonus for Philips. His reward was linked to three different measures, with 60% related to profit.

Philips is understandably a bit embarrassed to take his bonus, after being under pressure from losing market share to discounters. He's also made analysts nervous by announcing plans to join the price war, investing £1billion in cuts to compete with Aldi and Lidl.

TOPICS:   Supermarket

What do you think?

Connect with Facebook, Twitter, or just enter your email to sign in and comment.

Your comment