Outgoing John Lewis boss Paula Nickolds in line for £750,000 payoff
The outgoing managing director of John Lewis Partnership is in line for a £750,000 payoff.
Paula Nickolds announced her departure last week following the company’s profit warning, just three months after being appointed as the partnership’s head of brand.
The Sunday Times reported that Nickolds was offered a payoff at the time of the restructuring, which she would be entitled to if she later decided the role was not for her.
Read more: John Lewis issues profit warning as MD steps down
The sum is roughly equivalent to a year’s salary.
The high-profile departure has left outgoing chairman Sir Charlie Mayfield’s turnaround plan in pieces.
Nickolds had been given a senior role in Mayfield’s restructuring plan, which unites the John Lewis and Waitrose leadership teams under one structure.
Former Ofcom boss, Dame Sharon White, will join the partnership tomorrow and will be tasked with filling Nickolds’ role.
Read more: Four challenges Sharon White must address at John Lewis
Retail analyst Richard Hyman said White will face a number of challenges, which include her lack of experience in the retail industry..
“She is inheriting a structure which is unhelpful, without any experience. The new structure invests less responsibility in the senior team and more in her.”
John Lewis declined to comment.