John Lewis has created a new chief executive position for the first time in its history to take on some of the responsibilities of its chairman Dame Sharon White, two weeks after Pippa Wicks suddenly departed as the head of John Lewis's department stores.
Nish Kankiwala, a non-executive director at the partnership, will assume the role on March 27 reporting to chair Sharon White who will retain responsibility for all aspects of the “performance, purpose and approach to pursuing a better way of doing business.“
Sharon White said: “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, a former chief executive of Hovis and senior executive at Burger King and PepsiCo (NASDAQ:PEP), said: “I am looking forward to playing an even fuller part in the transformation of the partnership.”
Susannah Streeter, head of money and markets, Hargreaves Lansdown said: "The appointment of Nish Kankiwala is designed to inject more energy into the pursuit of profits. The annual bonus for partners is at risk with the chances of the partnership escaping a loss for the full year unlikely. The cost-of-living crunch has bitten hard into disposable incomes, and surging input costs at Waitrose has added to difficulties."
"Sharon White, as chairman, is still the steady hand on the tiller guiding the chain through some turbulent retailer waters. But it’s clear there needs to be a razor-sharp focus on fresh lines of revenue particularly with the plan to turn great swathes of the real estate footprint into housing."
John Lewis is due to report annual results on Thursday.