Mohsin Issa could hand the new chief executive of Asda a total pay package of up to £10m, City sources have said, as the billionaire owner scrambles to find someone to take charge of the supermarket.
A lucrative package of between £8m and £10m has been touted in a bid to end the supermarket’s drawn-out search for a new chief.
Mr Issa, the billionaire minority owner of the chain, has been managing the business since 2021 after the departure of Roger Burnley, who left ahead of schedule after a disagreement over strategy. Previous attempts to find a new boss failed in 2022.
Headhunters at Spencer Stuart are overseeing the current recruitment process although it is understood a candidate has not yet been identified.
While no firm pay deal has been settled, a £10m package would make the next Asda chief the joint-highest paid supermarket boss in Britain. Currently, the highest-paid boss is Ken Murphy, the chief of Tesco, who was paid £10m last year.