Tesco boss Dave Lewis rings up £2.9m annual bonus

Tesco chief executive Dave Lewis. Picture: Tesco/PA Wire
Tesco chief executive Dave Lewis. Picture: Tesco/PA Wire
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Dave Lewis, the chief executive of Tesco, has been awarded an annual bonus of £2.9 million, taking his total pay for the year to £4.6m.

The figures were revealed in the supermarket giant’s annual report, which also show that chief financial officer Alan Stewart pocketed £2.5m, including a bonus of £1.6 million.

Tesco’s remuneration report said the payouts were awarded after “financial targets for sales and operating profit… were met almost fully”.

The retailer swung back into the black last year, notching up a pre-tax profit of £162m for the 12 months to 27 February compared with a £6.3 billion loss the previous year.

READ MORE: Tesco enjoys first quarterly sales rise in three years

Lewis said the grocer had made “significant progress” since last year, adding: “We have taken decisive, immediate action on the challenges we faced. In a very deliberate way we have made the changes needed to re-energise the operation.

“We have stabilised the business and we are on track with where we expected to be.”

He has been hailed for turning the ailing giant around after the disastrous reign of his predecessor, Philip Clarke, which saw profits slide, market share eroded and an accounting scandal dog the firm.

READ MORE: Tesco insists recovery on track despite profit slide

Lewis joined Tesco in 2014 from Unilever and has moved to make the company more competitive in the midst of a bitter supermarket price war and the rise of German rivals Aldi and Lidl.

The company also confirmed that its 300,000 employees will be awarded a one-off “turnaround bonus”, amounting to 5 per cent of salary.