The leader of the company that operates John Lewis and Waitrose received a 21% increase in his base salary last year, bringing it to £1.2 million, even as the retailer announced the elimination of 3,300 jobs.
Jason Tarry, who assumed the role of chair of the John Lewis Partnership (JLP) in September 2024, saw his salary rise from £990,000 to £1.2 million for the fiscal year ending in January. Additionally, he earned a bonus of £22,700, which amounts to 2% of his salary, along with other benefits, resulting in a total compensation package nearing £1.26 million. This figure represents a significant increase compared to the £415,000 he earned the previous year, during which he only worked part-time after succeeding Sharon White.
The employee-owned company explained that Tarry’s salary adjustment was intended to align with that of former chief executive Nish Kankiwala, who departed last year following the elimination of his position. The comprehensive details were disclosed in JLP’s annual report released on Wednesday.
Despite Tarry’s salary increase, the overall compensation allocated to senior management, including directors, remained stable at £8 million due to a reduction in executive positions. Tarry was identified as the highest-paid director within the organization.
A representative for JLP commented, “With the roles of chairman and CEO now consolidated, the chairman’s compensation reflects leadership over both the executive team and the partnership board.”
The report indicated that JLP currently employs 65,700 individuals, a decrease from 69,000 the previous year, which includes 1,800 fewer full-time positions at Waitrose supermarkets and a reduction of 1,500 roles within John Lewis department stores.
The spokesperson added, “The vast majority of the workforce reduction is attributed to natural attrition, with less than 0.5% of partners leaving due to redundancy.”
The group, referring to its employees as “partners” in recognition of their collective ownership of the business, had a workforce of 76,400 in 2023. Speculation had arisen regarding potential job cuts of up to 11,000 over the next five years, following a reduction of 10,700 positions in the past three years.
In March, JLP announced its intention to explore additional efficiency measures this year, including the implementation of electronic shelf labels and artificial intelligence, although it refrained from commenting on the possibility of further job reductions.
The company has undertaken various cost-cutting measures, including the closure of stores and the abandonment of plans to develop and rent residential properties above its retail locations. After a four-year hiatus, it distributed an annual bonus to employees in March, following a 6% increase in underlying profits. Each employee, including the chair, received a bonus equivalent to 2% of their salary.
