Ica’s outgoing CEO Per Strömberg collected salary and pension landed at just over SEK 36 million for 2022, according to what was expensed in the annual report for last year. This also includes some compensation for the beginning of 2023 because his employment remains until the new CEO warms up.
Of this, SEK 17.4 million is salary and SEK 13.2 million is variable remuneration, bonus. The rest are provisions for his future pension. The criteria for receiving a bonus are based on several key figures, including “increase in net turnover”, according to Ica’s annual report.
Lower volumes
Turnover rose sharply, which was solely an effect of higher food prices. In terms of volume, i.e. number of goods sold, however, sales fell sharply. Other key figures that, according to the annual report, affect the bonus, are profit, profitability and climate impact – all of which developed worse than the year before.
Axfood’s CEO Klas Balkow also has a similar bonus scheme which is based on “results and turnover growth as well as personal goals for the business year”, according to the annual report. Sales for Axfood also rose sharply, 27 percent for the entire group, of which 12 percent in the grocery trade, but largely solely due to sharply increased food prices. Profitability, profit per item sold, deteriorated.
Over 23 million
According to Axfood’s press department, profit controls 40 percent, turnover growth 40 percent and personal goals 20 percent of the variable remuneration.
Balkow’s fixed salary in 2022 was SEK 8.4 million, an increase of just over half a million since the previous year. The bonus landed at almost SEK 4.7 million, close to the ceiling which is 60 percent of the basic salary. In addition, his share-related longer-term bonus of SEK 6.7 million for 2022 lands, according to the annual report. In total, including pension, it was over SEK 23 million for 2022, over SEK 1.5 million more than in 2021.