MORE REASONS TO SHOP AT MORRISONS?
It is widely known that Morrisons hasn’t been doing well lately. In fact the chief executive officer (Dalton Philips) was sacked recently because he failed to improve Morrison’s position.
It’s also widely known that top managers are supposed to be paid by results. When the firm does well (by the shareholders, that is), so do they.
So you’d expect that Mr Philips would not be rewarded very much, due to having been sacked for failure. Well you’d be wrong.
According to the Financial Times, today,
“His pay package in his final year added up to £2.1m. The remuneration committee decided that he had hit enough targets to justify 60 per cent of his maximum bonus, including for his “personal” attributes, whatever they were.
Because he is classed as a “good leaver” he will collect a year’s salary and will keep the right to future share payments, which could add up to another £2m as a going-away present”.
So that’s around £4m altogether. Food for thought.
Could Morrisons afford to pay its workers £10 an hour?