The sum declined represented a bonus equivalent
to 22 percent of his basic pay. He can potentially earn a bonus
of 200 percent of salary.
Although Philips failed to meet bonus criteria related to
profit, he did meet strategic criteria, such as launching an
online service through a deal with Ocado <OCDO.L> and opening
more convenience stores.
Morrisons declined to comment.
Earlier this month the Bradford, northern England, based firm
said profit before tax and one-off items dropped to 785 million
pounds in the year to February 2 and warned that underlying
profit in the 2014-15 year would be in the range of 325-375
The firm also sparked talk of an industry price war by saying it
would invest 1 billion pounds in price cuts over three years in
a bid to recover.
($1 = 0.6019 British pounds)
(Reporting by James Davey; editing by Angus MacSwan)
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