mark price waitrose

Former Waitrose MD Mark Price received a payoff of nearly £1.9m following his departure last month.

The John Lewis Partnership annual report, which was published today, reveals Price received payments totalling £1,868,196.

Price gave notice last October of his departure after a 33-year career with John Lewis, nine of them at the helm of Waitrose.

He left at the end of a year when the group’s partners received a 10% bonus, the lowest for four years.

According to the Remuneration Committee report, Price is being paid £988,523 in lieu of salary, car, pension and ‘other benefits’ for the remainder of his contractual notice period, and compensation for loss of office totalling £237,132.

In addition, he gets £642,541 as payment in lieu of his accrued six months’ long leave entitlement and he will receive a partnership bonus next March, pro-rated for the year, including the long leave entitlement. All of the payments relate to 2016/17 and will be taxed.

Price, who was made a life peer earlier this year, was appointed a government trade and business minister at the same time.

He is now a minister of state jointly at the Foreign & Commonwealth Office and the Department for Business, Innovation & Skills.