Sainsbury’s CEO Mike Coupe has snapped up £1.8m in share awards following the company’s merger with Asda.
Coupe also sold 286,663 shares worth £845,655, in order to pay tax on his share plan.
The supermarket boss received the shares in two tranches of 329,676 and 279,024, a total of 608,700 worth £1.79m. The shares are connected with his long term incentive awards between 2014 and 2016.
A Sainsbury’s spokesperson said: “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.”
Sainsbury’s said Coupe will not make any profit from shares sold.
His acquisition of more shares comes as several trade bodies have denounced the merger between Sainsbury’s and Asda.