The boss of John Lewis was handed a pay rise of more than 20 per cent last year even as the department store and Waitrose owner shed thousands of jobs.
Jason Tarry, who joined the employee-owned group as chairman in September 2024 on £990,000 a year, saw his base salary rise to £1.2million last April.
The 21 per cent rise, worth £210,000, was revealed in the annual report published yesterday. With bonuses and other benefits, Tarry was paid a total of £1.26million last year.
The report also showed the workforce fell by 3,300, mostly due to not replacing staff who left. There are now 65,700 ‘partners’ across John Lewis and Waitrose, down from 69,000 a year ago.
While the headcount has fallen, the much-valued annual bonus has returned as Tarry’s turnaround plans bear fruit.
The partnership last month announced a bonus worth 2 per cent of pay for all staff, after it had pressed pause on bonuses in 2020 and had only paid it once since then, in 2022.
Turnaround targets: John Lewis boss Jason Tarry, pictured, who joined the group just over eighteen months ago, was paid a total of £1.26m for the year to January
But job losses will fuel fears over the health of Britain’s high streets. John Lewis last year faced a £40million rise in employer National Insurance Contributions and £13million in packaging levies.
The group, which has 36 department stores and more than 300 Waitrose supermarkets, said that when Tarry was appointed he was given the same £990,000 salary as his predecessor, Sharon White.
This was increased to £1.2million to match the pay of the former chief executive Nish Kankiwala, who stepped down last year when the chairman and chief executive roles were combined.
The group said: ‘With the chairman and CEO roles combined, the chairman’s remuneration reflects leadership of both the executive team and the partnership board.’
When Tarry joined, the business was seen to have lost its way, focusing on non-retail ventures such as a property division while rival retailer Marks & Spencer poached shoppers.
Tarry and managing director Peter Ruis have led a revival of the department store arm, by investing in shops and bringing back its historic ‘Never Knowingly Undersold’ pledge.
The department store has launched 200 ‘new and in-demand brands’ and opened cafes in its 36 shops.
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