According to the the John Lewis Partnership’s annual report, the ex-boss of Waitrose received £237, 132 as “compensation for loss of office totalling £237,132”, on top of a £988,523 windfall as payment in lieu of salary, car, pension and other benefits.
Mark Price, who was often referred to as ‘The chubby grocer,’ left the upmarket grocery chain to take up an appointment as Minister of State for Trade and Investment earlier this month. He was also given an additional £642,541 in lieu of his six months holiday entitlement, a reward employees receive after 25 years of service.
He will also be given three months’ worth of the John Lewis bonus in 2017, whereas Chairman Charlie Mayfield’s pay fell by 0.2% to £1.52m.
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”.