Dame Sharon White to stand down
The business news that matters
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Dame Sharon White is to stand down as the chairman of the John Lewis Partnership, the retail group has announced.
Dame Sharon’s five-year term as chairman is due to end in February 2025 and she has informed the board of the partnership today that she will not seek another term.
The John Lewis Partnership, the owner of John Lewis and Waitrose, employs around 74,000 people. It is one of the most high-profile businesses in the UK because of its ownership structure - the retailer is owned by its employees - and because so many people shop with John Lewis and Waitrose - 21.4 million in the first six months of 2023.
Dame Sharon succeeded Sir Charlie Mayfield in 2020 and will be the shortest-serving chairman in the history of the John Lewis Partnership. She joined from Ofcom, the telecoms regulator, and had never previously worked in the retail industry.
Dame Sharon’s tenure as chairman has been eventful. As well as steering the John Lewis Partnership through the Covid-19 crisis she has tried to expand the organisation’s operations outside retail - such as building new rental homes - and faced a backlash for closing department stores in cities including Aberdeen, Birmingham, Peterborough, Sheffield and York. Earlier this year it also emerged that executives were considering selling a stake in the John Lewis Partnership to an outside investor to raise funds, a move which could dilute its employee-owned model and attracted criticism from inside and outside the business.
John Lewis and Waitrose have suffered from falling sales amid fierce competition from fashion and food rivals. Last month the John Lewis Partnership reported a pre-tax loss of £59 million for the half-year to July 29, down from a loss of £99.2 million in the same period last year. Dame Sharon also said that a turnaround of John Lewis and Waitrose would take two years longer than previously thought.
In a statement announcing her departure, Dame Sharon said:
“The chairman of the John Lewis Partnership is a special and unique role in UK business. The chairman is responsible for the long-term health of the Partnership’s model – commercial success twinned with a commitment to first-rate customer service and action in our communities.
“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.
“The Partnership is making progress in its modernisation and transformation with improving results. There is a long road ahead and I am committed to handing on the strongest possible Partnership to my successor.”
The process to appoint Dame Sharon’s successor will be led by Rita Clifton, the deputy chairman and former Saatchi & Saatchi executive. You can find the statement from the John Lewis Partnership here.
Here is some of the reaction to the news on social media…
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Best
Graham