Payday bonanza for chief executives as household bills soar in UK

CHIEF executives at companies linked to the UK’s soaring household bills have enjoyed multimillion paydays.

According to figures released on June 6, the National Grid, Sainsbury’s and Marks & Spencer rewarded their top people with top earnings although all have been accused of profiteering from the energy crisis resulting from Russia’s invasion of Ukraine in February 2022 and food inflation.

National Grid’s John Pettigrew received £7.2 million (€8.4 million) for the last financial year compared with £6.6 million (€7.7 million) in 2021, according to the FTSE 100’s Power Networks Company.

Pettigrew’s fixed pay fell although his variable pay, which included bonuses and long-term incentives, increased from £5.2 million (€6 million) to nearly £6 million (approximately €7 million).

Simon Roberts, Sainsbury’s chief executive received a 3.5 per cent rise last year and earned £4.9 million (€5.7 million), overtaking his rival at Tesco, the UK’s largest supermarket chain, after reaching profit, cashflow and personal targets.

The increase was partly due to a £2.3 million (€2.7 million) long-term bonus, although Roberts also received a £1.7 million (€1.9 million) annual bonus together with a 3.5 per cent rise that brought a £905,625 (€1.05 million) salary.

As sales and profits jumped, Stuart Machin, Marks & Spencer’s co-chief executive, received £2 million (€2.9 million) last year, which included a £1 million (€1.16) bonus. The retailer’s other co-chief executive Katie Bickerstaffe earned £2.25 million (€2.6 million), which took into account a £989,000 (€1.14) bonus.  Both look forward to a 3 per cent increase in their basic salaries this coming year.