Tesco CEO’s pay more than doubles in the past year

Tesco CEO Ken Murphy’s pay stands at nearly £10m now

Tesco’s latest annual report showed that its CEO Ken Murphy was paid £9.9 million in the last financial year – an increase of £5.5 million increase on his previous pay package of £4.4 million, more than doubling his overall pay.

For context, in the High Pay Centre’s most recent analysis of pay in the FTSE 100, the median CEO was paid £3.91 million in 2022, which means this new pay package puts Ken Murphy into the upper echelon of the highest paid CEOs of FTSE 100 companies.

Murphy is now paid a figure 430 times higher than the average Tesco employee, meaning that the gap between CEO and worker pay at Tesco is one of the most extreme of all London Stock Exchange listed companies.

The High Pay Centre’s Executive Director Luke Hildyard responded to the news saying: ““You couldn’t really get a better indicator of how the UK economy serves the interests of the super-rich at the expense of everybody else than this – a multimillionaire chief executive trousering another £10m while their customers endure major price rises and their employees have to get by on less than a quarter of a per cent of what the CEO takes home.”

Our response to the story was covered by BBC News, the Guardian, the Daily Mail and the Sun.