NISHPANK Rameshbabu Kankiwala (former CEO of Hovis) has been appointed as the new CEO of John Lewis and Waitrose in an effort to increase its profitability.
Former Hovis and Burger King CEO Kankiwala will begin serving in his new position on March 27. He is currently a non-executive director of the John Lewis Partnership.
The hiring occurs as the employee-owned partnership prepares to report its second-ever full-year loss, with employees anticipated to forfeit their annual bonus for the second time in three years.
In contrast to last year’s earnings of £181 million, the business is predicted to post an annual pre-tax loss before one-offs of roughly £50 million. This is partly because of issues at its Waitrose stores.
Kankiwala said: “I am looking forward to playing an even fuller part in the transformation of the partnership, to be a modern business loved by customers and treasured by our partners.”
While James Bailey, the boss of Waitrose, is under pressure due to a decline in sales at the grocery chain during the cost-of-living crisis, the boss of its department store chain, Pippa Wicks, abruptly quit last month and was replaced by the retail director, Naomi Simcock.
Sharon White, chairman of the group will maintain its partnership structure while continuing to manage the company’s overall operations and make important business decisions.
White said: “Since joining the board in 2021, Nish has developed a deep understanding and appreciation of the partnership model and has provided counsel on our transformation. He will be able to supercharge this in his new role while protecting the partnership’s ethos.
“Nish and I will work closely to ensure the partnership thrives for another century. The new structure allows me to focus on the preservation of the partnership model and our distinctive character, on the strategy for the partnership and our big commercial choices. Nish will draw on his significant transformation experience to drive performance and profitability day to day.”
Like White, Kankiwala has experience dealing with international companies but has limited actual retail expertise.
Kankiwala, who was born in Mumbai, India, immigrated to the UK, attended school in Walthamstow, east London, and then attended University College London to study chemical engineering. He began his career with Unilever as a graduate trainee, working in the US, France, and the Netherlands.
Prior to taking on the turnaround of Hovis, he first served as president of Burger King’s international operations before moving on to become president of PepsiCo’s soft drink division in Europe and Africa. From 2014 until his resignation last year, he served as the bread brand’s chair and chief executive before finalising a sale to the private equity firm Endless in 2020.
The John Lewis Partnership is the UK’s largest employee-owned business and Kankiwala joined the Partnership board in April 2021.
Subscribe for our weekly news letter here!
You can unsubscribe us at any time
