Sharon White, the Chairman of the John Lewis Partnership, has announced that she plans to step down in February 2025 at the end of her five-year term.
In a brief statement, the owner of Waitrose and John Lewis said White had asked the Partnership Board to initiate the process to appoint a successor. She has also requested a review of the Chairman’s accountabilities to ensure that these continue to support its ongoing turnaround strategy.
Her resignation makes White the shortest serving Chairman in the group’s history and follows a tumultuous few years for the business. Amid tough online competition, changes on the high street, and the pandemic, JLP has posted heavy losses in recent years that have resulted in its staff going without their renowned partner bonus.
Last month, the group revealed that its turnaround would now take two years longer than planned and cost more money after reporting another loss for the most recent six-month period.
White said today: “Having led the partnership through the pandemic and the worst of the cost of living crisis, it is important that there is now a smooth and orderly succession process and handover.”
She noted that the business was making progress with its modernisation and transformation plans to improve results. “There is a long road ahead and I am committed to handing on the strongest possible partnership to my successor,” White said.
White came under fire earlier this year after she considered breaking the historic employee-owned structure of the partnership by selling a stake to outside investors to raise money to invest in the partnership. That plan was eventually shelved after the idea was criticised by staff and industry experts.
In a post on X, retail analyst Neil Saunders from GlobalData stated that White was “the wrong person” to chair JLP.
“She didn’t cause all of the issues the company faces, but she’s also done much damage,” he said.
“Her ill-advised, and now backtracked on, view that outside equity might be brought in, hurt the morale of partners and showed a lack of understanding of what makes JLP special.
“Her lack of retail experience and her civil service background have, quite bluntly, not served the company well. The next Chairman of JLP needs to have both the qualities she lacked.”
JLP’s board is expected to announce her successor next year.
NAM Implications:
- Truly unprecedented times, even for seasoned retailers.
- Hopefully, a replacement can be found with career experience in retail.
- However, the current pressures of tough online competition, changes on the high street, and Lockdown fallout, remain.
- Profits need to be restored…
- …to a degree that allows a return to historic levels of partner profit sharing.
- Otherwise…
