Mark Price

Outgoing Waitrose boss Mark Price has been appointed as a new trade and business minister by the government, after being made a life peer.

Price, who steps down at Waitrose in April after a 33-year career with the supermarket, will become a minister of state jointly at the Foreign & Commonwealth Office and the Department for Business, Innovation & Skills.

The appointment of Price, who has been in charge of Waitrose since April 2007, was announced on the Number 10 website today and will take effect from April when he leaves Waitrose, to be replaced by retail director Rob Collins.

Price lost out in the race to become the next chairman of Channel 4 when he was pipped to the post by EasyJet deputy chairman Charles Gurassa last month.