Newspaper article The Evening Standard (London, England)

Clarke Loses Bonus Again as Tesco's Trials Continue

Newspaper article The Evening Standard (London, England)

Clarke Loses Bonus Again as Tesco's Trials Continue

Article excerpt

Byline: Simon Neville and Gideon Spanier

TESCO boss Phil Clarke failed to take home a bonus for the third year in a row and former chief financial officer Laurie McIlwee will get a PS1 million payoff following his resignation after years of disastrous results, according to the supermarket's annual report published today.

The decision by the board to withhold any bonus from Clarke, pictured, means the beleaguered chief executive has failed to cash a bonus since he took over the top job from Sir Terry Leahy. His basic salary rose in line with other employees up 2% to PS1.14 million, but he was also given benefits worth PS107,000 including PS72,000 on drivers and car benefits, and PS13,000 on security.

McIlwee's salary hit PS880,000 with PS64,000 on drivers and car benefits, and PS29,000 for CCTV and security gates at his home.

The former finance boss will remain at Tesco on full pay until October, according to the report, when he will get a PS970,800 severance payment, despite presiding over the biggest fall in profits last year, a profit warning in 2012 and a 6% fall in pre-tax profits revealed last month. …

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