16th May 2019 14:04
LONDON (Alliance News) - WM Morrison Group PLC's Chief Executive Officer David Potts handed back nearly GBP600,000 in bonuses after saying that the business "could have done better", The Guardian reported on Wednesday.
Nonetheless, Potts took home GBP4.6 million when combining his GBP850,000 basic salary, a bonus of GBP1.0 million and GBP2.5 million in long-term share bonuses, the newspaper reported.
Hit total bonus was supposed to amount to GBP1.6 million, after meeting sales, profit and personal targets.
Together with Morrisons executive director Trevor Strain, Potts handed back the part of bonus related to personal targets.
The Guardian reported them saying they had decided to waive the pay out after "taking into consideration the overall performance of the group".
The pair also turned down a fifth of the main part of their bonuses linked to financial performance as they admitted profits from wholesale, services and online trade had not improved as much as hoped.
https://www.theguardian.com/business/2019/may/15/morrisons-boss-hands-back-600000-in-bonuses
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