Supermarket group Sainsbury is dangling a bonus pot worth up to £100m in front of its 1,100 top managers, promising them rich rewards if sales get back on track.
The plan would enable managers to get 20,000 shares each – currently worth £58,000 – if performance targets are met. If all goes to plan, the shares will be worth even more when the scheme ends in four years.
The company appears to have stemmed its recent sales decline. Its share of the grocery market was 15.8% in the four weeks to the end of February, unchanged from a year ago, said analyst firm TNS.
Chief executive Justin King, could get a £5m payout if this plan, which is designed to create an ‘ownership culture’ for the new senior management team, works.
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