SYDNEY: David Jones expects a 'smooth transition' as new CEO Paul Zahra takes hold of the company's management reins.
Zahra was appointed CEO on June 18 in the wake of former CEO Mark McInnes' resignation. Zahra has been with David Jones since 1998 and prior to his appointment as CEO was the department store's Group General Manager of Stores and Operations.
David Jones chairman Robert Savage said he was “delighted” the board was able to appoint an internal candidate.
“Paul brings a wealth of retail experience to his new role having had senior management positions across the breadth of David Jones' business including buying, stores, visual merchandising, operations, customer service, supply chain and store refurbishments,” Savage said.
“Given Paul's in-depth knowledge of all facets of our business and that he will continue to work closely with finance director Stephen Goddard, gives us confidence the CEO transition will be smooth.”
Zahra's employment package includes a base remuneration of $1.3 million (including superannuation) and an annual bonus payment ranging from 50 to 125 per cent of his base remuneration, subject to the company achieving set profit after tax performance targets.
“I very much look forward to continuing our strong focus on delivering growth in shareholder returns, excellent customer service and upholding the iconic David Jones brand,” Zahra said.
Zahra has 28 years experience in the retail industry and formerly worked for Officeworks Superstores and Target Australia before joining David Jones.