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CEO, Mike Coupe, received an almost 40% increase in the £ 427,000 bonus he had earned the previous year, bringing his total salary package to £ 3.88 million. According to the company's annual report, this is up from £ 3.63 million the year before. His base salary, pension benefits and rewards under his long-term incentive plan have also increased, but his deferred share allocation has dropped 23% to £ 582,000. Sainsbury's said the exceptional bonus for Mr. Cup comes after the minimum benefit and personal goals have been achieved.
This includes the integration of Argos and the "continuous development of the commercial strategy".
This comes after an eventful year for the retailer, during which his multi-billion dollar merger with Asda was blocked by the Competition and Markets Authority (ACM) in April.
The competition authorities took their decision on the grounds that this would lead to higher prices for buyers.
In its final report, the AMC found that the agreement would result in higher prices in stores, on the Internet and at many service stations in the United Kingdom.
The watchdog added that the agreement would result in "a significant lessening of competition" at the national and local levels for people shopping in supermarkets.
As a result of this decision, Mr. Cup stated at the time: "The specific reason for wanting to merge was lower prices for customers.
"The CMA's conclusion that we would be raising prices after the merger does not take into account the dynamic and highly competitive nature of the UK grocery market.
"The CMA is now taking £ 1 billion from its customers' pockets."
In its annual results last month, Sainsbury's revealed a £ 46 million bill for the preparation costs badociated with the operation.
In a Q & A section following the annual figures, Mr. Cup said that he remained "confident in our stand-alone business strategy."
In a note to shareholders in the report, President Martin Scicluna said: "In today's retail market, it is obvious that staying still is not an option.
"We must continue to adapt to market forces and meet the needs of our customers.
"We were therefore very disappointed by the decision of the Competition and Markets Authority regarding our proposed merger with Asda.
"We are confident that this agreement would have benefited our customers and our company."
Chief Financial Officer Kevin O'Byrne and Argos Chief John Rogers are also eligible for salary increases this year, receiving $ 2.2 million and $ 2.5 million, respectively.
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