John Lewis chairman Sir Charlie Mayfield has taken a bonus for the first time in three years, just one month after staff received the lowest annual bonus since 1953.
The chairman will take a 3% bonus in line with all other staff in the partnership.
The decision adds £33,000 to his pay, making a total remuneration of £1.44m according to the company’s annual report.
Profits before bonuses, tax and exceptional items at the John Lewis Partnership – department store John Lewis & Partners and supermarket Waitrose & Partners – fell 45.4% to £160m for the year to 26 January.
The fall was a result of significant operating profit decline at John Lewis & Partners – down 55.5% to £114.7. This was driven by weaker home sales, lower gross margin and increased IT costs.
Mayfield announced in the 2019 annual report that he would step down from his role in 2020.