Safeway’s executive directors look could receive in excess of £5.5m in compensation if the group is taken over this year.
The supermarket group has revealed that chairman David Webster - who was paid £810,000 last year - would receive one-and-a-half times his salary in the event of a takeover. Webster also has a pension pot of £7.6m, an increase on last year of £1.37m.
Chief executive Carlos Criado-Perez, who took a 7% pay rise last year, will receive double his basic salary of £654,000 as well as a change-of-control payment that could be more than £1m.
According to the group’s annual report two of the board also have controversial two-year contracts including finance director Simon Laffin and operations director Lawrence Christensen.
The bid for Safeway from Morrisons and possible offers from Tesco, Sainsbury and Wal-Mart are being considered by the Competition Commission which is due to submit its report to the Department of Trade and Industry by August 12.
The supermarket group has revealed that chairman David Webster - who was paid £810,000 last year - would receive one-and-a-half times his salary in the event of a takeover. Webster also has a pension pot of £7.6m, an increase on last year of £1.37m.
Chief executive Carlos Criado-Perez, who took a 7% pay rise last year, will receive double his basic salary of £654,000 as well as a change-of-control payment that could be more than £1m.
According to the group’s annual report two of the board also have controversial two-year contracts including finance director Simon Laffin and operations director Lawrence Christensen.
The bid for Safeway from Morrisons and possible offers from Tesco, Sainsbury and Wal-Mart are being considered by the Competition Commission which is due to submit its report to the Department of Trade and Industry by August 12.
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