Tesco's CEO Ken Murphy Earns Record £10.8M Amid Profit Surge
Ken Murphy, CEO of Tesco, received £10.8 million in total compensation last year, the highest for a UK supermarket leader. This comes as the company reported £2.4 billion in profits for the fiscal year, raising concerns about income disparity during inflationary pressures.
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Ken Murphy's total compensation for the last year reached £10.8 million, marking a record for UK supermarket executives. This figure includes a base salary of £1.5 million, a £3.4 million bonus, and £5.7 million in long-term share awards.
Tesco's profits hit £2.4 billion, an 8.5% increase year-over-year, while the average Tesco worker saw a pay rise of less than 5%. Critics argue that Murphy's compensation, amounting to 420 times that of the average employee, is excessive during a period of rising living costs.
Concurrently, UK Prime Minister Keir Starmer is expected to approve an £18 billion ($24 billion) increase in defense spending as part of a broader commitment to bolster the military. This decision follows a turbulent political period for the Labour Party and aims to enhance equipment delivery to frontline forces while supporting economic growth. The government will need to make budget cuts in other areas to accommodate this spending increase.
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