Transport & General Workers Union (T&G) has branded a £2m payout to the
ex-chairman of Sainsbury’s an “ill-deserved and outrageous payment”.
announced today that chairman Sir Peter Davis is to stand down with immediate
effect after only three months in the job, having been chief executive for the
past four years. The supermarket has lost market share to Tesco and Asda and in
May it reported a 2.9 per cent fall in annual profits.
T&G, which represents more than 12,000 Sainsbury’s staff, welcomed the
departure of Davis but said he had failed the company and its staff.
Revell, T&G national organiser, said: “Sir Peter has closed the door on
Sainsbury’s but he has taken with him a bonus which he denied to staff. He has
left behind a demoralised and undervalued workforce.”
task for the new management was not just to turn the company around but to
restore staff morale, value and pay, Revell said.
Lloyds TSB director Philip Hampton is to be Sainsbury’s new chairman.