Tesco CEO Ken Murphy’s pay more than doubled over the past year as the supermarket’s profits soared.

Murphy received nearly £9.93m during the period, up from £4.44m the previous year. This increase includes £4.91m from his performance share plan (PSP), which is tied to Tesco’s performance since 2021 and will be paid in the company’s shares.

In addition to the PSP, Murphy earned an annual salary of £1.64m and a bonus of £3.38m.

Tesco’s chief financial officer, Imran Nawaz, also saw his pay more than double from the previous year, earning £4.95m during the same period.

These substantial payouts follow Tesco’s impressive financial performance, with profits more than doubling over the past year. The supermarket giant’s pre-tax profits surged 159% to £2.29b in the 12 months leading up to February 29, up from £882m the previous year.

Group sales, excluding VAT and fuel, increased by 7.4% to £61b, with UK like-for-like sales rising 7.7%, ‘driven by strong performance across all formats and channels’.