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• The Wall Street Journal reports that Tesco’s board of directors “has slashed the base salary for its chief executive post by 23% and nixed its share-option program for executive board members, in a push by the U.K. retailer's directors to address shareholder gripes about executive pay.”

According to the story, “Tesco is simplifying the targets used to determine incentives and rewarding all its executive directors according to the same group targets. The difference in base salary reflects both a more performance-based approach,” and the fact that its CEO, Philip Clarke, is new to the job.
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