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David Jones chairman quits David Jones chairman quits
(7 months later)
Two Two non-executive directors, Steve Vamos and Leigh Clapham, have also agreed to resign from the Australian retailer’s board within three months.
non-executive directors, Steve Vamos and Leigh Clapham, have also Mason has been under intense pressure from shareholders after chief executive Paul Zahra announced he was leaving amid rumours of a boardroom rift.
agreed to resign from the Australian retailer’s board within three 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.
months. 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.
Mason 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.
has been under intense pressure from shareholders after chief executive 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.
Paul Zahra announced he was leaving amid rumours of a boardroom rift. 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.
Mason 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.
was then rocked by the revelation that Vamos and Clapham had purchased 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.”
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.”