Tesco IT boss earns £1.8m payout

Tesco's global IT and operations director took home a pay cheque of almost £1.8m last year on the back of huge performance-based bonuses.

Philip Clarke, international operations and IT director at Tesco, earned £1.79m for the financial year ended 31 March 2005, made up of a base salary of £588,000 and various short and long-term cash and share bonus reward schemes.

Clarke is an executive director on Tesco's board and the sum represents a significant increase on the £1.65m the 44-year-old took home the previous year.

Tesco's executive directors shared performance-related bonuses and share scheme payments totalling £220m, with CEO Sir Terry Leahy taking home a cool £3.2m.

Tesco last month became the first UK retailer to break the £2bn annual profit barrier when it reported its end of year financial results.

Earlier this week the Royal Mail's IT chief also joined the millionaire's club with CIO David Burden earning just over £1m in salary and bonuses for helping the company post profits of £537m.