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25/09/2021

I want that job!-David Potts

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Three Morrisons directors stand to rake in up to £35m from the proposed sale of the supermarket to a consortium led by Fortress Investments, which values the Bradford-based business at £6.3bn, say Sam Chambers and Robert Watts in The Sunday Times.

Chief executive David Potts would stand to make £19.6m from the sale if the supermarket’s board decided to honour share awards granted to executives under long-term incentive plans. He is already guaranteed a £9.2m payout from the deal on the shares he already owns.

Trevor Strain, the chief operating officer, would be in line for a £3.6m payout, which could rise to £11.5m and finance director Michael Gleeson will get £804,565, possibly rising to £3.7m.

The potential payouts raise “questions over whether bumper executive share awards are contributing to the wave of private equity buyouts sweeping the UK”.

Kris Paterson is a writer for WhatJobs.com

Image Credits: The Times

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