FORMER Waitrose boss Lord Price was given a £1.2 million pay off by John Lewis when he left the board of the partnership in March. Lord Price, who was appointed minister of state for trade and investment earlier this month, was handed £988,523 as payment in lieu of salary, car and pension, and a further £237,132 compensation for loss of office.
The partnership’s annual report also revealed that Sir Charlie Mayfield, chairman of the John Lewis Partnership, was paid 73 times the average salary of employees.
He received a total package of £1.53 million last year, a slight reduction of £3,000 on the previous year. He received an 11.7 per cent increase in basic pay to offset a reduction in pension supplements.
The partnership paid out 19.4 per cent of its total revenues on wages, and every eligible member of staff received a 10 per cent bonus.
In total 11 directors earned more than £50,000 at the partnership, with three earning more than £1m.
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