Sainsbury's boss who failed to buy Asda sees pay package rise to nearly £4 million

LONDON (Reuters) - Sainsbury’s boss Mike Coupe, whose attempt to take over rival UK supermarket chain Asda resulted in failure, saw his total annual pay package rise to nearly $5 million (3.95 million pounds), the group’s annual report showed on Tuesday.

Coupe’s total remuneration for the financial year to March 9 2019 was 3.88 million pounds, up from 3.63 million pounds in the previous year.

Coupe, Sainsbury’s CEO since 2014, made unwanted headlines shortly after the 7.3 billion pound Asda deal was announced in May 2018 when he was caught on camera singing “We’re in the Money”. He apologised, saying he had been trying to compose himself before a television interview.

His increased package for 2018-19 reflects a base salary of 962,000 pounds, benefits of 17,000 pounds, pension of 289,000 pounds, an annual bonus of 593,000 pounds, a deferred share award of 582,000 pounds and a long-term incentive plan of 1.44 million pounds.

Sainsbury’s agreed deal to buy Asda was blocked by the UK competition regulator in April. Sainsbury’s spent 46 million pounds on the failed transaction.

Coupe said last month he would not quit.

Reporting by James Davey; Editing by Susan Fenton