J Sainsbury gives King a royal payout
After receiving a basic salary of £872,000 for the 52 weeks ended 21 March 2009, King then received a further £1.17m in bonuses, pension supplements and benefits. On top of this King scooped almost 900,000 shares- worth nearly £3m at the current share price, according to the firm’s annual report.
His rewards will continue this year as a further 831,000 shares vest under the company’s Making Sainsbury’s Great Again plan, and 195,000 under a separate incentive scheme worth another £3.3m in total at the chain’s current share price.
King also received $75,000 (£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.
Under J Sainsbury’s turnaround plan King had to grow sales by £2.5bn as well as growing the group’s earnings per share by 21 per cent over the four-year period.
Chairman Philip Hampton’s pay package remained unchanged, whereas Mike Coupe’s shot up by 35 per cent.
Yesterday it emerged that J Sainsbury was lowering the cap on executive pay for the coming year after sounding out top investors.