Sainsbury's boss may pocket £5m windfall

JUSTIN King could be in line for a £5m windfall if he succeeds in turning around troubled supermarkets group Sainsbury.

King, who became chief executive last March, will be handed the cash if he doubles earnings per share and increases annual sales at the supermarket chain by £2.5bn to £20bn.

The target comes as part of a new incentive scheme for the firm's top 1,100 managers which will run over four years. To net the full £5m, King will have to invest some of his own money.

Consultation on the scheme with key shareholders - including the Sainsbury family - is said to be in its early stages.

Chairman Philip Hampton is keen to avoid the very public row that followed former chief executive Sir Peter Davis's £4.25m pay-off.

Online retailer Ocado has added one of George Soros's former hedge fund managers to its shareholder list. Nick Roditi has invested £15m for a 4% stake, valuing the business at £375m.