Unite has slammed the pay packet of Sainbury’s “in the money” CEO after it was revealed he has received a 40 per cent increase to his bonus despite a failed merger with ASDA, falling profits and the cutting of wages for staff.
In total, Mike Coupe’s pay has risen by £251,000 to £3.9m, according to the supermarket’s annual report – even as the firm recorded a 42 per cent drop in profits to £239m.
He was ridiculed last year after being caught on camera singing “We’re In The Money” before an interview with ITV on a planned merger with ASDA that was subsequently blocked by Competition and Markets Authority (CMA).
Unite, which opposed the merger because of its potential to impact staff and supply chains, welcomed the CMA’s decision to squash the move because it would push up prices and reduce choice.
The failed merger cost Sainbury’s £46m, but while Coupe received a huge pay rise last year on top of this year’s, many shop floor workers have seen their wages cut as the company introduced a new pay policy for staff.
Sainbury’s said Coupe was handed the payout after meeting profit targets and “continuing development of business strategy”.
Unite national officer for the food sector, Bev Clarkson, slammed the decision.
She said, “For Mike Coupe to be rewarded such an eye watering sum when he championed a thankfully failed merger that would have resulted in job losses and store closures and presided over changes to contracts that have left many workers out of pocket is sickening.
“There’s no wonder public anger at executive pay is at boiling point – there’s a runaway culture of corporate greed in this country that sees millions of hard working people give far more than they get back while greedy bosses rake in far more than they’ve contributed.”