Morrisons boss gives up £374,000 bonus
DALTON Philips, the chief executive of Morrisons, has waived his £374,000 bonus after Britain’s fourth biggest grocer posted its lowest profit for five years following a dismal year.
Philips has told the remuneration committee that he will not take up the cash and share bonus a spokesperson confirmed yesterday.
Philips has been under pressure to revive sales and tackle fierce competition from discounters as well as its major rivals Morrisons and Sainsburys who have more advanced online and convenience businesses. Earlier this month he warned profits this year would be around £375m – half the level of last year’s – after pledging £1bn to cut prices.
But so far investors appear be giving Philips the benefit of the doubt and Morrisons chairman Sir Ian Gibson has said management has the “full backing of the board”.