CEO Waives £598k Despite Supermarket’s Third Year of Profit Increase
- Morrisons CEO waives over £598k in bonuses despite company’s growth
- CEO David Potts and financial chief Trevor Strain give up part of their entitlements
- Revenues increased to £17.7bn from £17.3bn, underlying profits rose 8.6% to £406m
- Overall profits down nearly 16% due to lower property sales and exceptional items
- Customer satisfaction up by 20 percentage points in four years
Morrisons CEO David Potts has waived over £598,000 in bonuses despite the company reporting its third consecutive year of growth in sales and profits. This decision comes after the supermarket’s revenues increased to £17.7bn from £17.3bn and underlying profits rose 8.6% to £406m. However, lower profits from property sales and other exceptional items totalling £86m resulted in overall profits decreasing nearly 16% to £320m. Potts and financial chief Trevor Strain both gave up part of their entitlements, with Strain giving up £437,000 of his £1.3m bonus, leaving him with a total pay of £3.2m while Potts took home £4.6m, down from £5.9m last year. The CEO attributes the turnaround to improving customer experience and satisfaction, which has increased by 20 percentage points in the past four years.
Factuality Level: 8
Factuality Justification: The article provides accurate and objective information about the CEO waiving part of his bonus due to the company’s performance and includes relevant details about the financial results of Morrisons. It also quotes the CEO’s statement on the company’s progress and customer satisfaction.
Noise Level: 3
Noise Justification: The article provides relevant information about the CEO waiving part of their bonus due to the company’s performance and includes specific financial figures. However, it could benefit from more analysis or context on why this decision was made and how it relates to the overall performance of the company.
Financial Relevance: Yes
Financial Markets Impacted: Morrisons (a UK supermarket chain)
Financial Rating Justification: The article discusses the CEO and financial chief waiving part of their bonuses due to the company’s performance, which includes information about the company’s sales, profits, and overall financial situation. This is relevant to financial topics as it involves executive compensation and the company’s financial performance.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme event mentioned in the text.
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