Apr 25, 2019

John Lewis chairman takes bonus for first time in 3 years

John Lewis chairman Charlie Mayfield has accepted a bonus for the first time in three years despite the store group's decision to cut those for staff to their lowest level since 1953 in the face of difficult trading. Sir Charlie, who will step down next year, took a £33,000 bonus for the 2018/19 financial year according to the company's annual report - 3 per cent of his pay - after asking the board to waive his bonus for the previous two years. John Lewis cut staff bonuses back to 3 per cent from 5 per cent the previous year - the sixth cut in as many years and down from a peak of 18 per cent in 2011 - citing "Challenging" conditions in the retail sector and uncertainty in the broader economy. The organisation had warned in January it might suspend its annual staff profit share altogether for the first time since 1953, saying the board needed to "Consider carefully" whether the "Payment of a bonus was prudent in light of business and economic prospects". In its annual report released on Thursday, John Lewis said 2018/19 had been "a challenging year in many respects, internally and externally", adding that it had warned three times since March 2018 on falling profits.

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