June 8, 2018 / 1:29 PM / 8 months ago

Singing Sainsbury's boss back in the money

FILE PHOTO: Mike Coupe, CEO of Sainsbury's poses in a store in Redhill, Britain, March 27, 2018. REUTERS/Peter Nicholls/File Photo

LONDON (Reuters) - The chief executive of Sainsbury’s, caught on camera in April singing “We’re in the Money”, received a bumper 2017-18 pay rise, the British supermarket group’s annual report said on Friday.

Mike Coupe’s total remuneration jumped to 3.43 million pounds ($4.59 million) from 2.35 million pounds in 2016-17.

Coupe, Sainsbury’s CEO since 2014, made unwanted headlines with his singing hours after announcing that the supermarket he runs would buy rival Asda for 7.3 billion pounds. He apologized and explained he had been trying to settle his nerves before a television interview.

His increased package reflects a 1.5 percent increase in base salary to 943,000 pounds, an annual bonus of 427,000 pounds versus zero the previous year, and a long-term incentive plan payment of 1 million pounds, up 58 percent. Other parts of his pay package were broadly stable.

In April Sainsbury’s reported its first rise in annual profit in four years.

(This version of the story has been refiled to edit third paragraph)

Reporting by James Davey; Editing by Keith Weir

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