Aussie department store David Jones' CEO steps down

today Feb 7, 2019
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Australian department store David Jones said on Thursday its Chief Executive Officer David Thomas had resigned and that Ian Moir, the CEO of its South African parent Woolworths Holdings would help run the business in the interim.

David Jones

The replacement for Thomas will be announced “in due course,” a David Jones spokesperson said. Thomas stepped down for personal reasons after a near 1-1/2-year stint as CEO.

The move comes amidst trying times for Australian retailers. The 180-year-old store chain’s sales performance had weakened in the final weeks leading up to Christmas, its parent Woolworths had said, citing weakness in the Australian retail market.

David Jones has been going through a transformation which includes putting in place new merchandise and finance systems, new online platform and the repositioning of its food business, which has led to significant costs and disruptions.

Fellow departmental store operator Myer Holdings had also faced a plunge in sales as cheaper online alternatives pulled customers away from its doors. 

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