When Dame Sharon White became chair of the John Lewis Partnership at the start of the year, she signalled her determination to be radical. The onslaught of Covid-19 has turbocharged that ambition, says The Daily Telegraph. Last month, White announced plans to shut a supposedly flagship store in the centre of Birmingham – a shocking but textbook response to predictions that up to 70% of department-store sales could be conducted online, even after the threat of the virus has passed. Now we learn that her strategic review will go much further. White’s plan to save the retailer includes ramping up its financial-services business, a move into horticulture and plans to turn some stores into affordable housing. Talk about “bringing down the curtain on the golden age of the department store”.
An industry rookie takes the helm
Given her CV – which takes in the World Bank, the British Embassy in Washington, the Treasury and Number 10’s policy unit, and Ofcom – White, 52, seemed an unusual choice to lead the nation’s favourite department store. Some wondered whether “an industry rookie” could cut it in the rough and tumble world of retail, says The Times. All the more so since her arrival at John Lewis coincided with an internecine conflict among the group’s top brass: “a botched restructuring” under her predecessor Sir Charlie Mayfield “bequeathed White a business bereft of experienced leadership”.
It is said that some staff “wept with joy” when her appointment was announced, notes the Chartered Management Institute: one in six of the group’s staff are of ethnic-minority heritage – a statistic hitherto not reflected in its top echelons. Certainly, White’s background marked a departure from the “white, privately educated men” who had traditionally led the group. The daughter of Windrush-generation Jamaican immigrants, White was born and raised in Leyton, east London. Her father worked for British Rail and her mother was a machinist. White was fortunate in her education at an all-girl comprehensive clearly prepared to push pupils to their full potential – in the mid-1980s, she made it to Cambridge to study economics and joined the civil service in 1989.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Results with no ruffled feathers
White made her mark in government circles with a down-to-earth, approachable style – gaining a winning reputation as someone “extremely good at her job, but fun”, says The Guardian. The Tory grandee Ken Clarke described her as one of the brightest people he’d ever worked with. In the mid-1990s, she quit the UK Treasury for Washington with her husband, fellow economist Robert Chote, later returning to resume a swift ascent in Whitehall. In 2011, White led the review of the Treasury’s response to the financial crisis, says the Financial Times. Two years later she became the second woman – “and the first black person – to be appointed as a permanent secretary at the Treasury”, reflecting a big shift in an institution, which, as she remarked, was seen as having “quite a macho culture”.
White’s ability to get results without unduly ruffling feathers was to the fore at Ofcom, where she took on “big interests”, ranging from the Murdoch dynasty to the Russian government. The challenge at John Lewis is very different. In the battle for survival, “there is a risk that the partnership’s love of democracy” and management by committee “will slow it down” at a time when speed and decisive leadership is vital, says The Times. White has shown she can be tough when necessary, but doubtless her cajoling charm will come in handy.
-
The 30 house price hotspotsWhile we have seen house prices sliding, these sought-after locations have seen prices jump by at least 5% over the previous 12 months
-
Working parents will be entitled to 15 hours free childcare for two-year-olds from next year
The government has extended free childcare hours to working parents of two-year olds but it won’t be automatic so make sure you don’t miss out
-
The rise and fall of Sam Bankman-Fried – the “boy wonder of crypto”
Why the fate of Sam Bankman-Fried reminds us to be wary of digital tokens and unregulated financial intermediaries.
-
The jury's out on the AI summit at Bletchley Park
World governments gathered for an AI summit at Bletchley Park in November, but were they too focused on threats at the expense of economic benefits?
-
As a market correction begins, money is on the move.
The force of a market correction is equal and opposite to the delusion that preceded it, so we can imagine that the correction will also be unparalleled.
-
How small businesses can retain staff in a competitive job market
Small businesses are struggling to retain staff and compete against large companies with deep pockets.
-
The French economy's Macron bubble is bursting
Cheap debt and a luxury boom have flattered the French economy. That streak of luck is running out.
-
K-pop hitman Bang Si-hyuk aims to repeat BTS phenomenon
Bang Si-hyuk created the world’s biggest boy band, BTS, making K-pop music a global sensation and himself very rich. Can he repeat the trick with a girl band?
-
Nudge theory – how does it hold up, 15 years later?
Nudge theory, the revolutionary theory of how governments can get you to change your behavior for your own good, is now 15 years old. How does it stand up?
-
Betting on US politics – who'll be the next US President?
In the latest betting on US politics, with just over a year until the next US presidential election, punters pick Donald Trump as the favourite.
