Outgoing Waitrose boss Price to become minister

MARK PRICE, the outgoing managing director of Waitrose, has been named as the new trade and investment minister.

Mr Price, who announced his intention to leave the retailer in October, is the latest high-profile businessman to take on the role.

Former HSBC chairman Lord Green filled the role from 2011 until 2013, when he was replaced by BT chief Lord Livingston, who stood down at last year’s general election.

Mr Price will be given a peerage in April as he becomes a minister of state at both the Foreign and Commonwealth Office, and the Department for Business, Innovation and Skills.

The appointment comes after he missed out on the chairmanship of Channel 4 – a role he had publicly coveted and where he is deputy chairman.

The veteran retailer will replace Lord Maude, who has resigned from the post after less than a year in the job. Last month he admitted the Government had little chance of meeting its export target.

Mr Price is to be replaced at Waitrose from April by Rob Collins, the retail director. For an interim period, between Lord Maude’s departure in mid-March and the Waitrose chief ’s arrival a month later, the trade brief will be filled by Baroness Anelay of St John’s.