Sainsbury's chair faces two jobs row

J SAINSBURY chairman Sir Philip Hampton yesterday faced questions over his &pound;396,000 pay packet and whether he had enough time to be the chairman of both Sainsbury&rsquo;s and Royal Bank of Scotland (RBS).<br /><br />One shareholder at the retail giant&rsquo;s annual meeting called on Hampton to halve his pay as long as he did both jobs.<br /><br />Hampton said: &ldquo; I understand that this is not sustainable in the long term but I believe I am able to do it in the short term, while a new candidate is found.&rdquo;<br /><br />He also told shareholders gathered at the meeting in the Queen Elizabeth Conference Centre that the search for his successor was &ldquo;going well&rdquo;.<br /><br />David Tyler, currently chairman of software group Logica, has emerged as the front-runner to succeed Hampton, after top candidate John Peace &ndash; formerly chairman of the now-defunct Argos and Experian parent firm GUS &ndash; was poached by Standard Chartered.<br /><br />Hampton, who has been chairman of the country&rsquo;s third biggest retailer since July 2004, is leaving to concentrate on his chairmanship at RBS.<br /><br />Meanwhile, the 140 year old retailer said it will use &pound;432m &ndash; raised through new shares and convertible bonds last month &ndash; to kick-off a rapid store expansion programme in the UK. The group aims to add 15 per cent more space, or 2.5m square feet, to the current store portfolio by 2011.