Morrisons’ former boss is set to pocket about £3 million as the chain reveals its latest slump in annual profits this week.
Analysts expect the supermarket group to say that underlying pre-tax profits have halved to £342 million and to slash next year’s dividend, underlining the challenge facing its new management in the middle of a price war.
Dalton Philips, who left the grocer in mid-February after months of pressure, will receive £98,919 a month in lieu of his 12-month notice, made up of salary, pension and car allowance, life assurance and private medical cover.
He will also receive £19,615 for untaken holiday, retain his company laptop, iPad and iPhone, valued at £1,000, and be paid £20,230, plus VAT, for legal and advisory fees as