| March 27
March 27 The chief executive of Wm Morrison
Supermarkets is to waive his annual bonus after
Britain's No. 4 grocer posted a 13 percent slump in 2013-2014
profit and issued a huge profit warning for the current year.
Dalton Philips was offered a 374,000 pound ($621,300) cash
and share bonus by Morrisons' remuneration committee but
declined, according to a source familiar with the matter.
The sum declined represented a bonus equivalent to 22
percent of his basic pay. He can potentially earn a bonus of 200
percent of salary.
Although Philips failed to meet bonus criteria related to
profit, he did meet strategic criteria, such as launching an
online service through a deal with Ocado and opening
more convenience stores.
Morrisons declined to comment.
Earlier this month the Bradford, northern England, based
firm said profit before tax and one-off items dropped to 785
million pounds in the year to Feb. 2 and warned that underlying
profit in the 2014-15 year would be in the range of 325-375
The firm also sparked talk of an industry price war by
saying it would invest 1 billion pounds in price cuts over three
years in a bid to recover.
($1 = 0.6019 British Pounds)
(Reporting by James Davey; Editing by Angus MacSwan)