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Tesco bosses pocket £4m bonuses

Senior bosses at troubled supermarket Tesco have been awarded almost £4m worth of shares as part of their bonuses.

Tesco’s UK chief executive Matt Davies received shares worth £3.2m as part of compensation for the long-term incentives he had to forgo when he joined the business.

Finance director Alan Stewart also received £117,886 for the same reason, having left Marks & Spencer.

According to the Daily Mail, Tesco bank boss Benny Higgins and chief product officer Jason Tarry also received shares in connection with their bonus, although the amount is not known.

Meanwhile, Japanese retailer Aeon is reportedly interested in buying Tesco’s Malaysian operations, which are believed to be worth about £900m. According to Reuters, the company has informally held talks about its interests with corporate advisers. If the deal materialises, Aeon could become Malaysia’s biggest hypermarkets group.

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