J Sainsbury gives King a royal payout

<div><!--StartFragment--> SUPERMARKET giant J Sainsbury handed out &pound;5m in pay and share bonuses last year to chief executive Justin King after he hit performance targets, it was revealed yesterday.<br /><br />After receiving a basic salary of &pound;872,000 for the 52 weeks ended 21 March 2009, King then received a further &pound;1.17m in bonuses, pension supplements and benefits. On top of this King scooped almost 900,000 shares- worth nearly &pound;3m at the current share price, according to the firm&rsquo;s annual report.<br /><br />His rewards will continue this year as a further 831,000 shares vest under the company&rsquo;s Making Sainsbury&rsquo;s Great Again plan, and 195,000 under a separate incentive scheme worth another &pound;3.3m in total at the chain&rsquo;s current share price.<br /><br />King also received $75,000 (&pound;45,000) from Staples, the US office supplies firm, for his services as non-executive director and 6,414 restricted stock units which vest between March 2009 and December 2010.<br /><br />Under J Sainsbury&rsquo;s turnaround plan King had to grow sales by &pound;2.5bn as well as growing the group&rsquo;s earnings per share by 21 per cent over the four-year period.<br /><br />Chairman Philip Hampton&rsquo;s pay package remained unchanged, whereas Mike Coupe&rsquo;s shot up by 35 per cent.<br /><br />Yesterday it emerged that J Sainsbury was lowering the cap on executive pay for the coming year after sounding out top investors. <!--EndFragment--></div>