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David Jones chairman quits | David Jones chairman quits |
(7 months later) | |
Two non-executive directors, Steve Vamos and Leigh Clapham, have also agreed to resign from the Australian retailer’s board within three months. | |
Mason has been under intense pressure from shareholders after chief executive Paul Zahra announced he was leaving amid rumours of a boardroom rift. | |
Mason was then rocked by the revelation that Vamos and Clapham had purchased thousands of shares in the company on the eve of better-than-expected sales figures. | |
It emerged that Mason had approved the purchases, which netted the pair an instant profit when the share price surged on the publication of the sales figures. | |
It caused widespread unease among investors but the Australian Securities and Investments Commission decided there was insufficient evidence for the pair to face any sanction. | |
Board member Jane Harvey has been appointed deputy chairman and will head the search for three new non-executive directors to appoint to the board. | |
Their resignations came after a meeting on Monday with major shareholders, who criticised the board’s handling of a proposed merger with department store chain Myer. | |
The development could pave the way for Zahra to stay on as chief executive who is felt by many investors to have put in place a strategic plan capable of to turning around the 176-year-old retailer. | |
Mr Vamos said: “David Jones is a great Australian company and it has been a privilege to serve on the Board. I feel that it is the right time to go, and I wish the company well.” | |
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