John Lewis's managing director, Peter Ruis, is stepping down after less than three years in the role, in a surprise move announced as the department store chain warns of "really tough" trading conditions. He will be succeeded by Will Kernan, a non-executive board member of the John Lewis Partnership, which also owns Waitrose, at a time when rising inflation from soaring oil prices linked to the US-Israeli war on Iran is squeezing shoppers and pushing up retailers' costs.

Ruis, who rejoined John Lewis in early 2024 after leading Jigsaw and Anthropologie, oversaw investment in the chain's 36 remaining stores and said the business was now on "a much stronger footing". He will leave on 6 September to "pursue new projects", with Kernan, a board member since 2023 and former chief executive of River Island and The White Company, taking over in mid-September ahead of the crucial Christmas trading period. The news follows chair Jason Tarry's warning last week of difficult conditions, despite the firm having paid staff a bonus in March for the first time in four years.