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Lord Price waves goodbye to Waitrose with PS1.9m deal.

THE John Lewis Partnership awarded former Waitrose boss Mark Price a PS1.9m pay-off after he left the firm in March.

The company's annual report says he was handed "compensation for loss office totalling PS237,132" on top of raking in PS988,523 as payment in lieu of salary, car, pension and other benefits. Now known as Lord Price after being appointed minister of state for trade and investment earlier this month, the ex-Waitrose man was also handed an additional PS642,541. The separate award is payment in lieu of his six months holiday entitlement, linked to a perk employees receive for having worked at the company for more than 25 years.

Lord Price will also be awarded three months worth of the John Lewis bonus in 2017.

John Lewis chairman Charlie May-field saw his pay package fall by 0.2% to PS1.52m.

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Publication:Huddersfield Daily Examiner (Huddersfield, England)
Date:Apr 23, 2016
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