Dame Sharon White, the current chairman of John Lewis, will leave her position after five years. Despite making history as the first woman to lead the company, her tenure will be the shortest in nearly 100 years. The board is expected to announce her successor next year. Dame Sharon announced that she will not seek a second term, which was due to end in February 2025.
John Lewis Partnership reported losses of £234m last year and was forced to abandon its yearly staff bonus payout. However, the company has been “making progress” in its transformation. Dame Sharon is optimistic but admits the retailer still has a “long road ahead.” The company’s modernization plans will take precedence over its staff bonus scheme.
Dame Sharon faced controversy after considering breaking the partnership’s employee-owned structure by selling a stake outside the firm to raise funds. She scrapped the plan. Waitrose, a subsidiary of John Lewis, is considering selling some stores and leasing them back to generate cash. The group announced a loss of £59m for the first half of the year, causing the company’s plan to return to “sustainable” profit to be delayed.
John Lewis is also undergoing heavy competition from other retailers on the high street. It has even faced store closures, while Waitrose has lagged as well. When the department store announced in March that it would not pay staff bonuses, it was only the second time since they began in 1953. Dame Sharon has provided “a smooth and orderly succession process and handover,” according to her statements
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