By a staff reporter, with AAP
David Jones Ltd’s chief executive officer Paul Zahra will resign for personal reasons on commencement of a successor.
In a statement to the Australian Securities Exchange, the retailer said its national and international search for a replacement has begun.
David Jones said Mr Zahra will continue to work with the board’s support to manage the transition to new leadership.
The board thanked Mr Zahra for his 15 years of service, saying he successfully guided the group through the aftermath of the global financial crisis and a challenging retail environment after his appointment as CEO in June 2010.
His predecessor in the top job, Mark McInnes, resigned after a sexual harassment complaint from an employee.
Mr Zahra said he was grateful for the opportunities he had at the retailer.
“While much has been achieved and the company is well placed for the future, I believe it’s time for a change for me personally,” he said.
David Jones posted a full-year profit of $ 95.2 million in fiscal 2013, a 5.9 per cent fall on the prior year, warning of a challenging year ahead and saying it was well positioned to capitalise on any rebound in consumer confidence.