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Outgoing boss of discount retailer B&M handed £5m payout
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The outgoing chief executive of discount retailer B&M earned £5m last year – more than the boss of Tesco.Simon Arora’s pay package rose by more than a third to the highest level ever for the company – and 270 times that of the average B&M worker – despite flatlining profits and falling sales in the year to the end of March as more rival shops reopened from the Covid pandemic.
B&M enjoyed “essential retailer” during the lockdowns.Arora, who is to step down next year, booked a long-term share bonus worth £2.6m and an annual bonus of £1.5m, half of which is paid in shares, on top of his basic salary of £810,000 before benefits such as a company car and pension payments.
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