The John Lewis Partnership has hired a turnaround expert as its first-ever Chief Executive as Chairman Sharon White continues her battle to revive the group’s fortunes amid the tough trading conditions.
Nish Kankiwala will take up the role on 27 March, having been a Non-Executive director of the Partnership since April 2021. He is a former Chairman and Chief Executive of Hovis and has also held senior roles at Burger King and PepsiCo.
Kankiwala left Hovis last September, two years after its sale to private equity firm Endless. The bakery business prospered during the pandemic but has faced surging costs in recent times.
The appointment comes weeks after Pippa Wicks, the head of the John Lewis department stores, abruptly stepped down in a sign of a wider shake-up at the business as it faces the challenges created by the cost of living crisis. The group’s Waitrose unit has been losing customers to cheaper rivals in recent months as the grocery price war gathers pace.
White, who will remain fully accountable for all aspects of the Partnership’s performance and approach, said: “Since joining the Board in 2021, Nish has developed a deep understanding and appreciation of the Partnership model and has provided counsel on our transformation. He will be able to supercharge this in his new role while protecting the Partnership’s ethos.
“Nish and I will work closely to ensure the Partnership thrives for another century. The new structure allows me to focus on the preservation of the Partnership model and our distinctive character, on the strategy for the Partnership and our big commercial choices. Nish will draw on his significant transformation experience to drive performance and profitability day to day.”
Kankiwala added: “I am looking forward to playing an even fuller part in the transformation of the Partnership to be a modern business loved by customers and treasured by our Partners.”
Annual results for the John Lewis Partnership are due to be released tomorrow, revealing the extent to which the current squeeze on consumers is affecting the business. Analysts expect the business to report a pre-tax loss, raising concerns that staff will not receive their famous annual bonus.
NAM Implications:
- Nish has a great track record.
- Which, added to his Non-Exec relationship with the Partnership…
- …should make an impact.
- Watch this space…
