British Retailer John Lewis Partnership Picks Its New Chairman From Tesco [Yahoo! Finance]
TESCO PLC S/ADR (TSCDY)
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Source: Yahoo! Finance
He will take up the role in September. More from WWD Ted Baker to Shut 15 Stores in U.K., Cut 245 Jobs Prada En Plein Air Takes on an English Garden at Selfridges Corner Shop Rixo Adds Color and Prints to New York's SoHo With Upcoming Pop-up Store 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 bill
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