Largest Employee-Owned Business Seeks New Leader
- John Lewis Partnership chairman Sir Charlie Mayfield to step down in 2020
- Largest employee-owned business in UK with 83,000 partners
- New chairman to be announced in H2 2019
- Nominations committee overseeing selection process
- Internal and external candidates considered
The John Lewis Partnership, parent company of John Lewis and Waitrose, has announced that its chairman Sir Charlie Mayfield will step down from his role in 2020. The company is the largest employee-owned business in the UK with 83,000 employees who are all partners in the business. Mayfield has been the Partnership’s fifth chairman since its nearly 100-year history. A new chairman will be announced in the second half of 2019. The company has modernized its process for selecting a new chairman, which will be overseen by a nominations committee consisting of two elected directors, two independent non-executive directors, and the chairman. Keith Williams, deputy chairman, will chair the committee with support from independent recruitment consultants to consider both internal and external candidates. Mayfield commented on his departure, stating that he is laying out the timetable now for an open and thorough process to select the next chairman of the Partnership. This news comes after the company reported a 99% drop in underlying profits to £1.2m in the first six months of the year.
Factuality Level: 8
Factuality Justification: The article provides accurate and relevant information about Sir Charlie Mayfield’s departure from his role as chairman at The John Lewis Partnership, details about the company’s employee-owned structure, and the process for selecting a new chairman. It also mentions the company’s recent financial performance. There is no sensationalism, redundancy, or personal perspective presented as fact.
Noise Level: 3
Noise Justification: The article provides relevant information about the resignation of Sir Charlie Mayfield as chairman of John Lewis Partnership and the process for selecting a new chairman. It also mentions the company’s recent financial performance. However, it lacks in-depth analysis or discussion on the reasons behind the profit slump and potential implications for the business.
Financial Relevance: Yes
Financial Markets Impacted: John Lewis Partnership and Waitrose
Financial Rating Justification: The article discusses the departure of Sir Charlie Mayfield, the chairman of John Lewis Partnership, and mentions a 99% slump in its underlying profits. This indicates that the company’s financial performance is relevant to financial topics and may impact the financial markets and companies associated with it.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: No extreme event mentioned in the text.
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