Tesco CEO Lewis pockets £3m bonus

Dave Lewis, the chief executive of Tesco, received a bonus of nearly £3m after the company returned to profit earlier this year.

Dave Lewis, the chief executive of Tesco
Dave Lewis, the chief executive of Tesco

The UK’s biggest retailer posted a £162m statutory pre-tax profit for the 12 months to 27 February, compared to a £6.3bn loss the previous year.

Tesco’s annual report, published today, show Lewis was paid a short-term annual bonus of £2.99 million for 2015/16.

He was paid a total of £4.63m for 2015/16 and saw his base salary rise by £500,000 to £1.25m. His pension contribution more than doubled to £313,000. 

Lewis, a former marketer, joined Tesco in 2014 after 24 years at Unilever, where he was latterly the head of the FMCG giant’s global personal care business.

The annual report also showed Lewis did not receive a bonus in 2014/15 but was paid £3.32m in lieu of shares from when he left his old role. 

As part of the report, Lewis said: "This has been a significant year for Tesco. We have delivered unprecedented change over the past 12 months as we have begun to transform our business.

"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."