- Sainsbury’s boss Mike Coupe has struck a deal to buy rival Asda for £7.3bn
- He has been handed shares in the supermarket worth £1.8m in an incentive plan
- The 57-year-old sold £864,000 of the shares to cover his tax bill
Sainsbury’s boss Mike Coupe, 57
Sainsbury’s boss Mike Coupe may have been left red-faced when he was filmed singing We’re In The Money last week after striking a deal to buy rival Asda for £7.3billion.
But just days later he was handed shares in the supermarket worth £1.8million through a long-term incentive plan.
The 57-year-old, who earned £2.3million last year and £2.8million the year before, sold £864,000 of the shares to cover his tax bill.
But he still owns more than 1.6million shares in Sainsbury’s, worth £4.8million.
Coupe’s latest awards were part of a payout for a string of bosses, worth a total of around £5million.
He is masterminding a takeover of Asda that will create Britain’s biggest supermarket chain with £51billion of sales a year.
Only hours after announcing the deal to the London Stock Exchange last week, Coupe was filmed by a TV company singing: ‘We’re in the money, the sky is sunny, let’s lend it, spend it, send it rolling along.’
The lyrics are from one of the best-known songs from the hit musical 42nd Street.
The grocery chain boss was forced into a humiliating apology as fears mounted over what impact the Asda deal would have on suppliers and jobs.
‘This was an unguarded moment trying to compose myself before a TV interview,’ he said.
Coupe is masterminding a takeover of Asda that will create Britain’s biggest supermarket chain with £51billion of sales a year
‘It was an unfortunate choice of song, from the musical 42nd Street, which I saw last year, and I apologise if I have offended anyone.’
A Sainsbury’s spokesman said: ‘Mike is not selling any shares for cash and is not making any immediate profit.
‘He is selling a portion of shares to meet tax and national insurance obligations. This is standard practice and happens in May every year, immediately after the publication of our preliminary results.’
THIS IS MONEY’S FIVE OF THE BEST CASH ISA DEALS