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John Lewis has abolished the chief executive role just weeks after the departure of Sharon White.
Nish Kankiwala will step down in March after just two years in the role and will become a non-executive director.
The group said they would not replace Kankiwala, who will work until the end of his two-year contract until March 2025.
New chairman Jason Tarry, the former Tesco UK boss who succeeded White in mid-September, will take on all executive responsibilities for the group behind the Waitrose department store and supermarket chain.
Power: John Lewis’ new chairman Jason Tarry (pictured), the former Tesco UK boss who succeeded White in mid-September, will take on all executive responsibilities for the group.
The shake-up marks a further departure from the White era, with John Lewis recently reviving the “Never consciously undersold” price pledge she scrapped.
Kankiwala became John Lewis’ first chief executive in March 2023, as the company faced a difficult turnaround mission.
But in recent months there have been signs of a revival of the association, which made small profits last year.
The group yesterday cited “significant transformation progress” as the reason for not replacing Kankiwala.
The company, which owns 34 department stores, had been accused of losing its way after focusing on non-retail revenue streams, including build-to-rent projects.
But Kankiwala said there had been “intense” change in the group and that our partnership strategy had been “revamped to be rooted in retail”.
He also noted that the group will return to profit for the full year and increase cash flows to allow for further investment.
The retail veteran was hired as a trusted turnaround specialist, with a resume that includes senior positions at Hovis and Burger King.
“I have every confidence that Jason will take the partnership from strength to strength in the next phase of our transformation and I am delighted to continue supporting him and the board in an advisory capacity going forward,” Kankiwala added.
Tarry said Kankiwala had been “instrumental in accelerating the association’s transformation”.
“I am grateful that he (Kankiwala) has agreed to remain as a non-executive advisor to the board,” he said.
A major test for Tarry will be whether he recovers the group’s annual staff bonus, which he has failed to pay staff for three out of four years.
After a period of decline, the group has said it is on track for significantly higher profits this year.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: ‘The abolition of the chief executive role reinforces the concept of the partnership model at John Lewis.
“So, we are back to normal, after the impact of the pandemic and the cost of living crisis, and the Never Knowingly Undersold price commitment also returned last month.”
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