Nov 7, 2018

John Lewis chairman to step down in 2020

Struggling department store John Lewis announced on Wednesday its chairman planned to step down but would help oversee the succession process, a month after the high street stalwart reported a 99 per cent fall in half-year profits. The process for selecting a new chairman "Has been extensively modernised," John Lewis said, and would be overseen by a committee comprising of two elected directors, two independent non-executive directors and Mr Mayfield himself. The committee will be chaired by deputy chairman Keith Williams, and both internal and external candidates will be considered, the company said. In September, John Lewis said fierce discounting in the struggling retail sector had pushed down underlying half-year profits to just £1.2m. "Although my departure is still a considerable way off, the appointment of my successor is a key responsibility. It is for this reason I have decided to lay out the timetable now to enable an open and thorough process to select the next Chairman of the Partnership," said Mr Mayfield. Get alerts on John Lewis Partnership PLC when a new story is published.

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