John Lewis scion quits job over hybrid working demands
Patrick Lewis, the great-grandson of John Spedan Lewis, the founder of the department store chain, stepped down as chief financial officer this month having joined the retailer last July.
Oak Furnitureland required staff to be in the Swindon-based head office three days a week, but it is understood the demands became unsustainable and Lewis wanted to be closer to his family, who live in the southeast of England.
Lewis, 59, has not taken on another executive role elsewhere but will continue with a number of non-executive board positions he already held. His last executive role was at John Lewis Partnership, where he was chief financial officer between 2015 and 2020. He is the last remaining family member of John Lewis.
Oak Furnitureland, which has struggled since it was bought in a pre-pack deal in 2020, has appointed Grayham Dibb-Fuller as interim chief financial officer.
Alex Fisher, chief executive of Oak Furnitureland, said Dibb-Fuller brought 'extensive retail and consumer experience, which will be invaluable as we continue to focus on delivering the next phase of growth'.
The change in leadership comes as Oak Furnitureland continues to navigate a difficult trading environment. Revenue fell by 17 per cent to £236 million in the 12 months to the end of June last year, which it blamed on 'a weak furniture market'. It added that 'despite improving gross margins, overall profit margins have remained under pressure due to reduced volumes driven by a soft market and external inflationary factors, such as Red Sea disruption, which have impacted freight rates'.
Pre-tax losses narrowed from £31.9 million to £17.1 million, which it said was 'driven by the diverse product pipeline and focus on enhancing the online and showroom estate'. Losses are understood to have narrowed further in the latest financial year.
The company, owned by Davidson Kempner Capital Management, the New York-based investment management company, secured an extra £10 million in funding and £47.8 million in a debt-for-equity swap in June last year.
Fisher said he 'was encouraged by the company's performance during the past ten months and the clear progress that we're making against our strategic plan since we last reported our financial results'.
He thanked Lewis for his time at the company: 'He has been a key part of the leadership team and a real champion of our business. We're grateful for the impact he's made during his time at Oak Furnitureland and wish him the very best as he takes more time to focus on his non-executive commitments and his family.'
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