The chief executive of Tesco saw his pay package more than double to almost £10m in its 2023/24 financial year, a period when millions of its customers battled a cost of living crisis.
Tesco's annual report showed chief executive Ken Murphy was paid £9.93m in the year to February 24 2024, up from £4.44m in 2022/23.
The package was made up of fixed pay of £1.64m, an annual bonus of £3.38m and a Performance Share Plan (PSP) payout of £4.91m.
Chief financial officer Imran Nawaz's pay package also more than doubled to £4.95m.
"A large proportion of the total package has been achieved thanks to both Ken Murphy and Imran Nawaz achieving stretching targets in a highly competitive sector and working to create value for customers, colleagues, suppliers, communities and shareholders," Tesco said.
The retailer added that it "remains committed to a competitive and fair reward package for all colleagues," noting it invested a record £300m in a pay rise for UK hourly-paid workers, and also enhanced staff benefits.
Last month, Tesco reported an 11% rise in annual profit to £2.76 billion as it won market share. It forecast further growth in 2024/25.
Its shares are up 15% year-on-year.
Investors will vote on Tesco's annual pay report at its annual shareholder meeting on June 14.
Research published last August showed the bosses of Britain's biggest companies saw their pay jump 16% in 2022, sending their average earnings to 118 times the median UK full-time worker's while employees struggled with soaring inflation.
