Receive free John Lewis Partnership PLC updates
we will send you myFT Daily Digest Email summary of latest news john lewis partnership There is news every morning.
Sharon White will step down as chairman of John Lewis and Waitrose in 2025 as part of an “orderly succession process”, just weeks after the retailer warned that the turnaround she had begun would The plan will take another two years to complete.
White informed the board of Britain’s largest employee-owned company of her intention to leave on Monday, saying: “After leading partners through the pandemic and the worst of the cost-of-living crisis, it is now important that a smooth and orderly business The succession process and handover.”
She joined in February 2020 for a five-year term, becoming the shortest-serving president in the history of the mutual aid association.
Last month, the retailer warned it would take until 2027/2028 to complete a five-year turnaround plan led by White, who has pledged to return the struggling retailer to profitability. White also faced controversy after he considered selling shares to outside investors to raise money to invest in the partnership. The plan was ultimately shelved.
Asked by reporters last month if the current senior team would be in place to get it done, White said “yes”.
Management was also asked whether it plans to appoint more executives with retail experience – newly appointed CEO Nish Kankiwala has a background in consumer goods, while senior Treasury official Weir comes from Ofcom, the media regulator responsible for management.
“As a team, we feel strongly that we have the right skills and capabilities to deliver the performance we need,” Kankiwala said at the time.
John Lewis Partnership reported a pre-tax loss of £57.3 million for the six months to July 29, down from a loss of £66.8 million in the same period last year. The group’s total sales during the six-month period were 5.8 billion pounds, an annual increase of 2%, of which Waitrose sales increased by 4%, but John Lewis sales fell by 2%.
“There is a long road ahead and I am committed to handing over to my successor the strongest possible partnership,” White said Monday.
Vice Chairman Rita Clifton will oversee the process of appointing White’s replacement, who must be approved by the retailer’s board of directors.
The process to appoint White began in November 2018; she succeeds Sir Charlie Mayfield, who served as chairman from 2007 to 2020.
Svlook
