John Lewis chairman receives his first bonus in three years

John Lewis chairman Sir Charlie Mayfield is to take a higher payout just weeks after the company’s staff were told their bonus will be cut.

Mayfield is to take a 3% partnership bonus, the lowest since the 1950’s as the retailer has suffered a drop in underlying profits.

Mayfield’s pay packet will total £1.444m with the £33,000 bonus added to it, whilst employees were told in March, they will only receive a 3% bonus.

The 3% bonus was as a result of profit before tax, with exceptionals and bonuses plummeted by 45.4% to £160m.

Overall revenue rose 1% to £10.3bn to 26 January, and due to challenges the retailer operating profits were down.