[ad_1]
// B&M boss Simon Arora, who stood down from the CEO role last month, was paid £5million last year
// He was paid more than Tesco boss Ken Murphy
Outgoing B&M boss Simon Arora was paid £5 million last year, the company’s annual report revealed.
Arora’s pay eclipses the £4.7 million earned by Tesco boss Ken Murphy last year, making him one of the best paid CEOs in retail.
The B&M boss’ take home pay was up on the £3.7 million he was paid the prior year earlier and was made up of a £810,000 salary, which was topped up by a £2.6 million long-term share bonus and an annual bonus of £1.5m, half of which is paid in shares.
The bumper payday comes despite B&M profits in its full-year to 26 March dipping slightly from £626million to £619million. Arora also warned that profits would fall in its current year amid the cost-of-living crisis.
READ MORE: B&M hires former Asda exec Alex Russo as new CEO
Arora has helped to transform B&M from a small, loss-making chain focused in the northwest of England to a national giant, with 709 stores in his almost 20 year tenure as chief executive.
He passed on the baton to former Asda exec Alex Russo last month.
Russo, who was promoted from chief financial officer of B&M, will receive a £300,000 pay rise when he takes the top job, upping his base salary to £800,000.
However, his total pay could hit £4million if he achieves his maximum bonus and long-term incentive plans.
Click here to sign up to Retail Gazette‘s free daily email newsletter
[ad_2]
Source link >
