John Lewis chairman announces departure after 99 per cent profit drop

The chairman of John Lewis will step down in 2020 after the store has found his replacement.

Sir Charlie Mayfield decided to leave just two months after blaming Brexit for a 99 per cent drop in half-year profits.

The company said it has modernised its selection process, and the new chairman will be announced in the second half of next year.

The appointment will be overseen by a nominations committee with two elected directors, two non-executive directors, and Mayfield himself.

The committee will also hire independent recruitment consultants to help search for internal and external candidates.

Mayfield said: “Although my departure is still a considerable way off, the appointment of my successor is a key responsibility.

“It is for this reason I have decided to lay out the timetable now to enable an open and thorough process to select the next chairman.”

In the first half of the year, profits at John Lewis dropped to just £1.2m, spurred by tough times on the high street and a discounting-driven market.

“With the level of uncertainty facing consumers and the economy, in part due to ongoing Brexit negotiations, forecasting is particularly difficult, but we continue to expect full-year profits to be substantially lower than last year for the partnership as a whole,” he said at the time.

Mayfield, a former army officer who also serves as a trustee to the British Museum, joined in 2000 as head of business development at John Lewis and Waitrose.

He was appointed the company’s fifth chairman in its 100-year history in 2007 after a brief stint as managing director.

Mayfield was knighted in 2013 for services to business.