Retail news round-up on October 28, 2014:Sports Direct forced to spell out controversial ‘zero-hours’ contracts in job ads, Tesco chief awarded share options worth £2.8m, Dennis Holt to chair board of Co-op Bank
Sports Direct forced to spell out controversial ‘zero-hours’ contracts in job ads
Sports Direct has been forced to spell out the realities of taking a ‘zero hours’ contract job with the retailer after settling a legal battle with a former worker employed using the policy, The Telegraph reported. The high street chain has entered into a settlement with Zahera Gabriel-Abraham after she launched a case claiming sex discrimination, unfair treatment and breach of holiday rights.
Under the settlement, Sports Direct will have to rewrite its job adverts and employment contracts to expressly state they do not guarantee work. It will also have to produce clear written policies explaining what holiday and sick pay zero-hours workers are entitled to and display the new policies prominently in stores for staff to see.
Tesco chief awarded share options worth £2.8m
Tesco’s new chief executive Dave Lewis has been given share options worth almost £2.8m to compensate him for awards he was forced to give up when he left Unilever, The Telegraph reported. Lewis has been awarded almost 1.7m options over Tesco shares, which will vest in three tranches - in February 2015, 2016 and 2017. The grocery retailer’s new finance director Alan Stewart has also been granted share options which are currently worth close to £1.5m.
Dennis Holt to chair board of Co-op Bank
Co-operative Bank has named Dennis Holt as its new chairman as the company looks to move on from its crisis last year that almost resulted in its collapse.
Holt joined the board in February as senior independent director. He has been acting as interim chairman since October 1 and has 43 years of experience in the banking and insurance industry.
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