John Lewis Chair resigns as profits fall

Dame Sharon White has told the board of John Lewis she won’t be seeking a second term in 2025, making her the shortest serving chair in the partnership’s 100-year history. Her successor is on the other end of a hospital pass. The employee-owned company reported a loss of £234 million last year, forcing it to scrap its celebrated annual staff bonus. At the same time the business needs to stay competitive by raising capital to invest in a sweeping digital transformation. White’s proposal – raising funds through the sale of a stake in the business – caused unrest among staff. Her plan to secure 40 per cent of company profits from non-retail sources, mainly through building 10,000 buy-to-let houses, has become a planning nightmare: JLP is having to sell 12 Waitrose stores in prized locations and lease them back. Critics will point to White’s lack of retail experience as a reason for her early departure (she previously worked for Ofcom and the Treasury). But JLP’s challenge is unique. How does a business that relies on consensus among staff move fast, especially when the high street is in decline?

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