One of Australia’s largest department stores is about to undergo some vast changes in leadership following the abrupt departure of one of the executive employees. David Thomas, CEO of David Jones, announced his departure from the company after only 18 months in the position.
The CEO cited personal reasons for his departure, although he did not elaborate upon this. Thomas's exit from the company has come at a rough point for the brand. David Jones has seen a turbulent few years, with sale lows across the board, and particular slows in the lead up to Christmas in 2018. In addition, the re-design of the company’s new flagship store on Elizabeth Street further dragged down their margins, effectively cancelling out any forms of growth experienced by other stores.
David Jones has experienced a great deal of scandal throughout their time, including the removal of their previous CEO Mark McInnes after a series of sexual harassment allegations as well as reports of insider trading by a group of executive chairmen.
Thomas’s replacement will be considered in the coming months. In the time being, the group chief executive of Woolworth Holdings Limited, Ian Moir, will be working closely with the David Jones management team to ensure business continues.