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Ex-Waitrose boss Mark Price received £1.9m pay-off

Published 22/04/2016

Former Waitrose managing director Mark Price has become a trade minister
Former Waitrose managing director Mark Price has become a trade minister

The John Lewis Partnership has awarded former Waitrose boss Mark Price a £1.9 million pay-off after he left the firm in March.

According to the company's annual report, he was handed "compensation for loss of office totalling £237,132", on top of raking in £988,523 as payment in lieu of salary, car, pension and other benefits.

Now known as Lord Price after being appointed minister of state for trade and investment earlier this month, the ex-Waitrose man was also handed an additional £642,541. The separate award is payment in lieu of his six months holiday entitlement, linked to a perk employees receive for having worked at the company for more than 25 years.

Lord Price will also be awarded three months worth of the John Lewis bonus in 2017.

John Lewis chairman Charlie Mayfield saw his pay package fall by 0.2% to £1.52 million.

The firm said that its remuneration policy aims to "attract, retain and motivate executive management of the quality required to run the Partnership successfully without paying more than is necessary, and informed by market rate information".

The John Lewis Partnership bonus fell for the third consecutive year in March, paying out £145 million to 91,500 staff at 10% of their salaries.

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