Sainsbury's saga 'like Animal Farm '

Jul 02 2004 by Brian Amble Print This Article

The Independent reports that Sir Peter Davis, the ousted as chairman of Sainsbury's, has instructed his lawyers in a bid to hang onto his £2.4 million bonus.

Richard Ratner, a retail analyst at stockbrokers Seymour Pierce, said: "Sir Peter Davis has stepped down as chairman of Sainsbury's following pressure from shareholders over his £2.4m bonus payment at a time when profitability declined from £640m to £616m.

"Moreover, apart from £100,000 to Roger Matthews [Sainsbury's finance director] no one else in management received a bonus. This must have done wonders for management morale in the company. It was almost like Animal Farm when the goodies went to Napoleon and the other animals got nothing."

The Independent | Even the City, no stranger to huge pay-outs, is up in arms . . .