David Jones CEO resigns amid scandal
June 17, 2010
David Jones Limited (DJS) this morning said its CEO Mark McInnes had resigned from his position with immediate effect for behaving "in a manner unbecoming of the high standard expected of a chief executive officer". Mr McInnes confirmed he behaved inappropriately towards a female member of staff at two recent company functions.
”As a chief executive officer and as a person I have a responsibility to many, and today I formally acknowledge that I have committed serious errors of judgment and have inexcusably let down the female staff member,” Mr McInnes said in a statement.
”I apologise to everyone I have let down.”
David Jones said Mr McInnes would receive statutory entitlements of $445,421 and a payout of $1.5 million, however would not receive incentive payments.
The retailer said that Paul Zahra would step in as CEO immediately.
”Prior to being appointed CEO Paul was the Group General Manager of Stores & Operations,” the company said.
At the close Thursday, David Jones shares were trading at $4.51.
”As a chief executive officer and as a person I have a responsibility to many, and today I formally acknowledge that I have committed serious errors of judgment and have inexcusably let down the female staff member,” Mr McInnes said in a statement.
”I apologise to everyone I have let down.”
David Jones said Mr McInnes would receive statutory entitlements of $445,421 and a payout of $1.5 million, however would not receive incentive payments.
The retailer said that Paul Zahra would step in as CEO immediately.
”Prior to being appointed CEO Paul was the Group General Manager of Stores & Operations,” the company said.
At the close Thursday, David Jones shares were trading at $4.51.
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