Sainsbury’s chair faces two jobs row
J SAINSBURY chairman Sir Philip Hampton yesterday faced questions over his £396,000 pay packet and whether he had enough time to be the chairman of both Sainsbury’s and Royal Bank of Scotland (RBS).
One shareholder at the retail giant’s annual meeting called on Hampton to halve his pay as long as he did both jobs.
Hampton said: “ I understand that this is not sustainable in the long term but I believe I am able to do it in the short term, while a new candidate is found.”
He also told shareholders gathered at the meeting in the Queen Elizabeth Conference Centre that the search for his successor was “going well”.
David Tyler, currently chairman of software group Logica, has emerged as the front-runner to succeed Hampton, after top candidate John Peace – formerly chairman of the now-defunct Argos and Experian parent firm GUS – was poached by Standard Chartered.
Hampton, who has been chairman of the country’s third biggest retailer since July 2004, is leaving to concentrate on his chairmanship at RBS.
Meanwhile, the 140 year old retailer said it will use £432m – raised through new shares and convertible bonds last month – to kick-off a rapid store expansion programme in the UK. The group aims to add 15 per cent more space, or 2.5m square feet, to the current store portfolio by 2011.