Yahoo Finance British Retailer John Lewis Partnership Picks Its New Chairman From Tesco
LONDON — Britain’s John Lewis Partnership has dipped into the supermarket world for its new chairman, naming Tesco veteran Jason Tarry to succeed Sharon White, who is stepping down.
He will take up the role in September.
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White revealed her decision to step down last October, following a tenure marred by the strains of lockdown and the U.K.’s cost of living crisis, which led to declining sales and profits.
With White in charge, the partnership was forced to shut stores, set layoffs and axe staff bonuses for three out of the past four fiscal years.
She was unpopular with staff, and did not have a retail background. Her detractors accused her of taking her eyes off retail, putting too much emphasis on values and purpose, and failing to compete with savvier rivals ranging from Marks & Spencer to the German discount supermarkets Aldi and Lidl.
Yet in fiscal 2023-24, on her watch, the store’s fortunes turned, with revenue up 2 percent to 10.8 billion pounds and a swing back to profit. Profit before tax was 56 million pounds, compared with a loss of 234 million pounds in the previous year.
Tarry is a lifelong retailer having worked at Tesco for 33 years. He started in the retailer’s graduate training scheme and rose to the post of chief executive officer U.K. and Ireland.
He has worked across grocery, general merchandise and fashion in senior commercial, operational and general management positions. He also led the expansion of Tesco’s F&F clothing line across Europe.
Rita Clifton, deputy chairman and chair of the partnership’s nomination committee, said White “has faced into the toughest decisions and overseen the partnership’s financial recovery. We are in good financial health with a return to profit, and have a strong balance sheet with record investment planned this year.
Clifton said that as John Lewis Partnership focuses on its core retail business and future growth, “we are confident that Jason will provide the kind of inspirational leadership, a proven track record in multichannel, multicategory retail success, and a strong identification with partnership values that we are seeking in this role.”
Tarry described John Lewis Partnership as “unique and I’ve long been an admirer of the employee-ownership model, its values and customer service. This starts with a sharp focus on being brilliant retailers for customers and investing in growth.
The retailer said he will work closely with Nish Kankiwala, the partnership’s CEO.
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