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J Sainsbury's pounds 4.5m payoff.

Supermarket group J Sainsbury paid five ousted directors a total of pounds 4.5 million over the course of last year, its annual report revealed yesterday.

That included a highly contentious pounds 3.252 million payoff to discredited former chairman Sir Peter Davis.

The payment was in line with a previous announcement by the company in September last year when it said Sir Peter would receive pounds 2.6 million in cash in a final settlement of his claim for shares under the company's share incentive scheme.

Other directors to receive sizeable reimbursements included Stuart Marshall, formerly responsible for the day to day operational control of the company's stores, who received pounds 1 million.

Chief executive Justin King, who engineered the boardroom blood-letting, received pounds 1.13 million, including a basic salary of pounds 675,000 and a pounds 385,000 bonus.

His annual salary was raised by 3.7 per cent to pounds 700,000 a year with effect from March 27.

Payments to directors totalled pounds 6.7 million during the year, a 106 per cent increase
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Title Annotation:Business
Publication:The Birmingham Post (England)
Date:Jun 15, 2005
Words:179
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