Jason Tarry starts at John Lewis to drive turnaround efforts

Jason Tarry began his role as chairman of the John Lewis Partnership on a Monday, taking over from Sharon White. He aims to accelerate the company's turnaround efforts, which include the potential restoration of annual staff bonuses for the first time in three years. Tarry, who has extensive experience from his time at Tesco, faces challenges as the partnership has seen a reduction in staff numbers and is grappling with changing shopping habits affecting its department stores. The partnership's chief executive, Nish Kankiwala, recently reported a significant reduction in half-year pre-tax losses, indicating a recovery in the supermarket sector. However, the department stores continue to struggle, prompting Tarry to closely examine this segment of the business. The company has also been reducing its workforce, with plans to cut up to 11,000 jobs by 2029 to improve efficiency through technology. In addition to retail challenges, Tarry will scrutinize the partnership's ventures into financial services and property development, which have incurred losses. The company had previously aimed to generate 40% of profits from non-retail sources by 2030 but has since shifted focus back to retail turnaround efforts. Planning approvals for housing developments are underway, but local opposition has emerged in some areas, complicating these initiatives. As Tarry steps into his new role, employees are hopeful for a swift and effective turnaround that will restore the company's reputation and financial health, particularly in terms of reinstating the coveted staff bonuses.