John Lewis managing director Peter Ruis quits job after less than three years
Summary
Peter Ruis, the managing director of British retailer John Lewis, has resigned after less than three years in the role. He will be replaced by Will Kernan as the company faces difficult trading conditions caused by rising inflation and global conflicts affecting costs and shoppers.Key Facts
- Peter Ruis is leaving John Lewis to pursue new projects and will stay until 6 September.
- Will Kernan, a board member since 2023, will take over as managing director in mid-September.
- John Lewis is dealing with “really tough” trading conditions due to inflation and higher oil prices linked to the US-Israeli and Iran conflict.
- The company previously paid its 69,000 employees an annual bonus for the first time in four years after profits rose.
- Ruis had been investing in modernizing John Lewis stores after closing 16 locations during the pandemic.
- Kernan has experience as CEO of retailers River Island, The White Company, and Wiggle and appreciates John Lewis’s employee-ownership model.
- John Lewis aims to grow both in physical stores and online despite current economic challenges.
- Separately, the Co-op Group’s chair Debbie White stepped down after two years, with Moni Mannings appointed interim chair.
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