Supermarket chain J Sainsbury plc (JSAIY.PK, SBRY.L) announced the resignation of Justin King in July 2014 after 10 years as chief executive, and that Mike Coupe, currently the Group Commercial Director, would succeed him as CEO from July 9, 2014. Coupe would continue as both Group Commercial Director and CEO Designate in the interim, with John Rogers continuing as Chief Financial Officer.
Commenting on the remuneration, the company said Justin King would not receive annual bonus or Deferred Share Award for 2014/15, and would not receive awards under the Long-Term Incentive Plan or "LTIP" for 2014/15. He would be eligible for consideration for payment of an annual bonus and Deferred Share Award for 2013/14. According to the his contract terms, Justin could be entitled to a cash severance payment of up to 175% of his base salary, which is worth potentially up to 1.7 million pounds, at the time of departure.
As Chief Executive, Mike Coupe would receive a salary of 900,000 pounds, with the overall variable incentive opportunity for the CEO post remaining unchanged. He would get a pension allowance of 30% of salary.
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