Tesco CEO Ken Murphy's Pay Rises to £10.8m Amid Market Share Surge

Tesco Chief Executive Ken Murphy received total compensation of £10.8 million for the last year, an increase of approximately £1 million from the previous period. This rise coincides with Tesco achieving its highest UK grocery market share in ten years, reaching 28.1%, driven partly by the struggles of competitors Asda and Morrisons. According to Tesco’s annual report, Murphy’s basic salary was raised by 3% to £1.54 million. Notably, the company has removed food waste reduction targets from his long-term bonus criteria, replacing them with market share goals. This decision follows Murphy missing the previous food waste target, although he met objectives related to carbon reduction and financial performance. Tesco explained that the missed waste target was due to reclassifying waste processing methods. Meanwhile, Tesco reported an 8.5% profit increase to £2.4 billion, resulting in a £65 million bonus pool for staff. The company aims to further increase its market share to 30% while maintaining its long-term commitment to reducing operational food waste by 50% by 2030.