Mike Coupe has missed out on his bonus after Sainsbury's failed to meet targets

 
Emma Haslett
Follow Emma
Picture of a Sainsbury's shopping bag co...
Sainsbury's failed to hit profit targets last year (Source: Getty)

Sainsbury's chief executive Mike Coupe missed out on his annual bonus last year after an annus horribilis for the supermarket.

The company's annual report, published today, showed that while Coupe's annual salary rose by £13,000 to £929,000, his benefits fell from £38,000 in 2015 to £17,000. Pension benefits rose to £279,000, from £275,000 the year before.

However, having earned a £767,000 bonus in 2015, in 2016 it dropped to zero after Sainsbury's missed targets on profit and sales. Last month the supermarket admitted profits had fallen more than eight per cent to £503m in 2016, thanks to rising inflation in the food sector.

Coupe and John Rogers, formerly Sainsbury's finance chief, who stepped into the role as chief executive of Sainsbury's Argos at the end of last year, were tasked with making a profit of £540m.

Sainsbury's said while both Coupe and Rogers hit customer focused and individual performance targets, the remuneration committee decided the supermarket's full-year results "did not warrant the payment of a cash bonus to the Executive Directors".

It added: "While no bonus is payable to the executive directors, colleagues across the group shared in a bonus of £78 million, reflecting their contribution throughout the year."

Related articles