Simon Wolfson

{{Short description|British clothing retailer and philanthropist}}

{{Infobox officeholder

| honorific_prefix = The Right Honourable

| name = The Lord Wolfson of Aspley Guise

| image = File:Simon Wolfson.jpg

| caption = Simon Wolfson on 5 October 2011

| office = Member of the House of Lords
Lord Temporal

| term_start = 6 July 2010
Life Peerage

| term_end =

| birth_name = Simon Adam Wolfson

| birth_date = {{Birth date and age|df=yes|1967|10|27}}

| birth_place = London, England

| education = Radley College

| alma_mater = Trinity College, Cambridge

| death_date =

| death_place =

| occupation = Businessman

| spouse = {{marriage|Eleanor Shawcross|2012}}

| children = 3

| father = The Baron Wolfson of Sunningdale

}}

Simon Adam Wolfson, Baron Wolfson of Aspley Guise (born 27 October 1967), is a British businessman and currently chief executive of the clothing retailer Next plc, as well as a Conservative life peer. He is the son of the former Next chairman, The Baron Wolfson of Sunningdale, who was also a Conservative life peer.

Family and education

Wolfson's great-grandfather, Solomon Wolfson, was a Jewish cabinet-maker who settled in Glasgow and had nine children, one of whom was Sir Isaac Wolfson, Simon's great uncle, who made his fortune through Great Universal Stores.{{Cite news|url=https://www.standard.co.uk/lifestyle/london-life/millionaire-in-a-cheap-suit-next-ceo-simon-wolfson-has-big-plans-for-london-9151672.html|title=Millionaire in a cheap suit: Next CEO Simon Wolfson has big plans for London|work=Evening Standard|date=27 February 2014}} Wolfson's father, Lord Wolfson of Sunningdale, was a former chairman of Next and Great Universal Stores, as well as being a Conservative life peer.{{Cite web|url=https://www.retailgazette.co.uk/blog/2014/08/22432-5-things-you-didnt-know-about-simon-wolfson/|title=5 Things You Didn't Know About Simon Wolfson|work=Retail Gazette|date=15 August 2014}}

Wolfson is the eldest of three siblings. He attended Radley College, near Abingdon, followed by studying law at Trinity College, Cambridge.{{cite news |first=Peter |last=Stiff |title=Business big shot: Simon Wolfson |url=http://business.timesonline.co.uk/tol/business/movers_and_shakers/article3587118.ece |archive-url=https://web.archive.org/web/20110612091909/http://business.timesonline.co.uk/tol/business/movers_and_shakers/article3587118.ece |url-status=dead |archive-date=12 June 2011 |work= The Times | location = London |date=20 March 2008 |accessdate=14 January 2009 }}

Business career

Wolfson joined Next as sales assistant in its Kensington branch in 1991. The following year, he was taken on as assistant to Next's chief executive, David Jones.{{cite news |first=Nigel |last=Cope |title=City concern as Wolfson junior bags Next job |url=https://www.independent.co.uk/news/business/news/city-concern-as-wolfson-junior-bags-next-job-684996.html |work= The Independent | location = London |date=17 May 2001 |accessdate=14 January 2009|archiveurl=https://web.archive.org/web/20100117055752/http://www.independent.co.uk/news/business/news/city-concern-as-wolfson-junior-bags-next-job-684996.html|archivedate=17 January 2010}} Wolfson was elevated within the company rapidly, being appointed to the board of directors in 1997, culminating in his appointment as chief executive in August 2001 but leading at least one city analyst to make allegations of nepotism. At the age of 33, this made him the youngest chief executive of a FTSE 100 company.{{cite news |first=Susie |last=Mesure |title=Wolfson £3.7m share sale puts paid to Next bid speculation |url=https://www.independent.co.uk/news/business/news/wolfson-16337m-share-sale-puts-paid-to-next-bid-speculation-442531.html |archiveurl=https://web.archive.org/web/20080923182402/http://www.independent.co.uk/news/business/news/wolfson-16337m-share-sale-puts-paid-to-next-bid-speculation-442531.html|archivedate=23 September 2008|work= The Independent | location = London |date=30 March 2007 |accessdate=14 January 2009 }} He was one of the first businesspeople to predict the 2007–2008 financial crisis.{{cite news |first=Amy |last=Wilson |title=Simon Wolfson: Next chief who saw slowdown coming |url=https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/4076557/Simon-Wolfson-Next-chief-who-saw-slowdown-coming.html |work= The Daily Telegraph| location = London |date=6 January 2009 |accessdate=14 January 2009 }}

In 2021, his pay package at Next was £3.4 million.{{Cite web|date=2021-04-20|title=Next CEO Lord Simon Wolfson's pay jumps 28 per cent despite profit plunge, shut stores and furloughed staff|url=https://www.cityam.com/next-ceo-lord-simon-wolfsons-pay-jumps-28-per-cent-despite-profit-plunge-shut-stores-and-furloughed-staff/|access-date=2021-11-12|website=CityAM|language=en-GB}}

=Relationship with staff=

In 2013, Wolfson waived his £2.4 million bonus and gave it to the staff of Next who had been with the company since 2010.{{cite web |title=Next Chief executive Lord Wolfson donates £2.4m bonus to staff |url=https://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/9999151/Next-chief-executive-Lord-Wolfson-donates-2.4m-bonus-to-staff.html |publisher=The Telegraph (web) |location=London |date=16 April 2013 |accessdate=9 January 2014 }} Wolfson earned £4.6m in 2013, at a time when the average pay of Next employees was £10,000. This led the GMB trade union, supported by musician Paul Heaton, to tour Next shops presenting anti-social behaviour awards to managers for their failure to provide a living wage.{{cite news |url=https://www.theguardian.com/society/2014/aug/30/low-pay-britain-fightback-begins|title=Low-paid Britain: 'People have had enough. It's soul destroying'|last=Roberts|first=Yvonne|work=The Observer|date=31 August 2014|accessdate=31 August 2014}}

In 2014, for a second successive year, Wolfson waived his bonus and distributed it among staff, sharing some £3.8m.

In May that year, Retail Week reported that Next staff would be up to £1000 a year worse off, after the company decided not to pay a premium for staff working on a Sunday. Those refusing a change of employment terms were allegedly told they risked being made redundant. The GMB union accused Wolfson of having a "total disregard for family life."{{cite news|url=http://www.retail-week.com/sectors/fashion/next-accused-of-bullying-staff-into-taking-sunday-pay-cuts/5074871.fullarticle|title=Next accused of 'bullying' staff into taking Sunday pay cuts|author=Luke Tugby|work=RetailWeek|date=12 May 2015|accessdate=25 June 2016}}

In April 2017, the salaries of some of Next's most senior staff were cut, following a 3.8% fall in profits, though Wolfson's salary was raised by 1%.{{cite news|url=https://www.telegraph.co.uk/business/2017/04/18/next-trims-directors-pay-fit-disappointing-profits/|title=Next trims directors' pay to fit disappointing profits|author=Rhiannon Bury |work=The Daily Telegraph|date=18 April 2017|accessdate=4 May 2017}}

Political views

Wolfson is a prominent supporter of the Conservative Party, having donated to David Cameron's campaign in the 2005 leadership election and co-chaired the party's Economic Competitiveness policy review. He was named by The Daily Telegraph as the 37th-most important British conservative in 2007.{{cite web |title=The Right's 100 Most Influential |url=https://www.telegraph.co.uk/news/uknews/1564854/The-Right%27s-100-Most-Influential-50-26.html |archive-url=https://web.archive.org/web/20080613081340/http://www.telegraph.co.uk/news/uknews/1564854/The-Right%27s-100-Most-Influential-50-26.html |url-status=dead |archive-date=13 June 2008 |publisher=The Telegraph (web) | location = London |date=2 October 2007 |accessdate=14 January 2009 }} He was one of 35 signatories to an open letter calling on the Chancellor of the Exchequer, George Osborne, to press ahead with the coalition government's plans to reduce the public finance deficit in one term in the face of opposition.{{cite news |title=Osborne's cuts will strengthen Britain's economy by allowing the private sector to generate more jobs |url=https://www.telegraph.co.uk/comment/letters/8069609/Osbornes-cuts-will-strengthen-Britains-economy-by-allowing-the-private-sector-to-generate-more-jobs.html |work= The Daily Telegraph | location = London |date=18 October 2010 |accessdate=22 October 2010 }}

On 18 June 2010, Wolfson was created The Baron Wolfson of Aspley Guise, of Aspley Guise in the County of Bedfordshire,{{London Gazette |issue=59467 |date=23 June 2010 |page=11801}} and was introduced in the House of Lords on 6 July 2010.[https://publications.parliament.uk/pa/ld201011/minutes/100622/ldordpap.htm House of Lords Business, 22 June 2010]

=Views on Brexit=

Wolfson was reported as being a supporter of Brexit in 2016.{{cite news |url=https://www.retail-week.com/brexit/next-boss-lord-wolfson-throws-weight-behind-brexit-and-radical-change/7005460.article |title= Next boss Lord Wolfson throws weight behind Brexit and 'radical change' |last=Waller-davies |first=Becky |publisher=Retail Week |date=7 March 2016 |accessdate=15 January 2023}}{{cite news |url=https://www.wsj.com/articles/with-or-without-brexit-this-u-k-retailer-is-struggling-to-stay-in-fashion-1458824744 |title=With or Without Brexit, Next PLC Is Struggling to Stay in Fashion |last=Wilmot |first=Stephen |publisher=The Wall Street Journal |date=24 March 2016}} Following the success of the Leave campaign, Wolfson said Britain's success depended on international trade negotiations.{{cite news |url=https://www.telegraph.co.uk/business/2016/06/26/george-osborne-in-bid-to-calm-markets-with-statement-on-brexit/ |title=George Osborne in bid to calm markets with early-morning statement on Brexit |work=The Daily Telegraph |author=Ashley Armstrong;Peter Dominiczak and James Titcomb |date=26 June 2016 |accessdate=26 June 2016}} In January 2017 Wolfson said the Government should declare its negotiating objectives and not rush things.{{cite news |url=https://www.theguardian.com/business/2017/jan/04/brexit-strategy-next-boss-urges-government-to-lay-out-core-principles |title=Brexit:pro leave Next boss urges government to lay out core principles |last= Butler |first=Sarah |work=The Guardian |date=4 January 2017 |accessdate=4 January 2017}} In 2022, Wolfson suggested a tax on recruiting foreign workers as trade off to allow greater numbers of foreign workers into Britain.{{cite news |url=https://www.bbc.co.uk/news/business-63573988 |title=Brexit-backing Next boss says UK needs more overseas workers |last=Jack |first=Simon |publisher=BBC News |date=10 November 2022 |accessdate=15 January 2023}}

Open Europe

In December 2016, Wolfson was appointed to the Chair of the Open Europe think-tank.{{cite web|url=http://openeurope.org.uk/today/blog/open-europe-announces-new-leadership-new-mission-statement/|date=December 2016|title=Open Europe announces new leadership and new mission statement|publisher=Open Europe website|first=Stephen|last=Booth|access-date=12 January 2017|archive-date=13 January 2017|archive-url=https://web.archive.org/web/20170113171944/http://openeurope.org.uk/today/blog/open-europe-announces-new-leadership-new-mission-statement/|url-status=dead}}