Ex-Sainsbury's boss gets £2.6m payout

Former Sainsbury’s boss Peter Davis is to receive a controversial £2.6m (€3.8) payout following his departure earlier this year, the company said today.

The shares award – which has been the subject of considerable investor anger - will be paid in cash alongside a reduced salary of £500,000 (€736,000) a year.

Sainsbury’s said the £2.6m represented a “significant reduction” from what Davis was originally entitled to.