John Lewis boss quits after warnings of ‘really tough’ trading
The boss of John Lewis’ department stores has quit after less than three years in charge, days after the group’s chair warned of “really tough” trading at the retail giant. Peter Ruis has said he will step down as managing director of John Lewis at the start of September, less than three years after he [...]
Peter Ruis, the managing director of John Lewis’ department stores, has resigned after less than three years in charge, days after the group’s chair, Jason Tarry, cautioned of “really tough” trading. Ruis will leave his role at the start of September, to be replaced by Will Kernan, a former River Island boss who will step up from a non-executive board position.
Ruis led a £800m store modernisation programme and the return to the iconic “never knowingly undersold” pledge. Despite an increase in sales and profit, the retailer has struggled against online competition and is preparing for lower sales amid a challenging macroeconomic environment. Tarry acknowledged the difficulties while maintaining confidence in the company's focus on margin improvement and stock control.
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