AT last, a retailer is running a retailer was the sigh of relief following news that Jason Tarry has been named the next chairman of John Lewis Partnership.
Tesco background
The Tesco veteran replaces Dame Sharon White, whose four years in charge of the John Lewis and Waitrose business has been dogged by criticism of her zero retail experience. Tarry has spent 33 years at the biggest UK retailer, joining Tesco as a graduate trainee in 1990. He has looked after its F&F clothing division and for the last six years run the UK and Ireland stores, where Tesco has revived growth after disaster struck under former boss Philip Clarke’s brief reign.
Future leadership
Tarry said that Lewis’s employee ownership model, its values and customer service "starts with a sharp focus on being brilliant retailers for customers and investing in growth". After surviving a no confidence vote last year, Dame Sharon had said she would go when her term ends next February. But the hiring of Tarry, who left Tesco in March and takes over in September, hastens her exit to make her the shortest-serving chairman since the post was created in 1955.
Industry critics
Economist Mark Gregory said: "How anyone thought a career civil servant with no commercial experience would be the right person to run a challenged retailer remains a mystery." Retail analyst Richard Hyman said of Tarry: "The key issues JLP faces are retail ones and you need a retailer to fix them."
TAIL OF A HACK
VETS chain CVS is the latest British company to be hit by a cyber attack. The firm warned its 9,100 staff at 450 practices that there is a risk that personal employee information, such as names, addresses and payroll details, might have been breached. It did not reveal if it knows the culprit but told investors it caused "considerable" disruption. It comes after Royal Mail, British Airways, Boots and the BBC were hit with ransom cyber attacks.
SHELL’S CITY ALERT
SHELL’s boss has threatened to quit the London Stock Exchange for New York if its share price doesn’t improve by the end of next year. It would be a huge blow to the City as Shell is the biggest company listed in London with about £20billion held by UK pension funds. Chief exec Wael Sawan said "we have to look at all options" if the valuation gap between Shell and its US rivals Exxon Mobil and Chevron did not close. Shell is valued at £180billion, while Exxon is worth £378billion in New York.
CAKE BOX IS RISING
CAKE BOX has sweetened its profit expectations for the year after a boost in sales. The retailer, which has 205 shops selling its egg-free delicacies, said sales had grown by 9 per cent in the past year, helped by new store openings. Cake Box, valued at £66million, said profits would be "slightly ahead" of forecasts as it has also been helped by easing food inflation. It hinted cake prices could start to fall to secure customer demand.
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