Premier Investments, owner of Just Group and brands such as Just Jeans, Jay Jays, Portmans, Jacqui E, Peter Alexander and Dotti, has appointed Mark McInnes as chief executive of the Premier retail division.
McInnes, who recently left his role as chief executive at David Jones due to allegations of inappropriate conduct towards a female staff member, will assume the position at Premier from April 4 this year.
The new role will see McInnes oversee the growth of the Premier Investments retail portfolio and he will also have direct responsibility for Just Group.
The managing director of Just Group, Jason Murray, will cease his employment at the company from today. Murray joined Just Group in 2003 and became managing director of the group on September 18, 2006.
Premier chairman Solomon Lew said the company was pleased with its decision to appoint McInnes to chief executive and believes he is the right fit for the role.
“Mark is one of Australia's most successful retailers and was responsible for transforming David Jones and creating substantial shareholder value. The Premier board is confident that Mark is the right person to take Premier and Just Group to the next level of performance and growth which will be great for our shareholders and staff,” he said.
McInnes will relocate to Melbourne to take up the role at Premier and will be paid handsomely on arrival – his remuneration package as chief executive of retail comprises of a fixed annual sum of $2 million per annum.
McInnes will also be eligible to participate in the company's short-term incentive plan from the date of appointment, which provides for a maximum cash bonus of up to $2 million per annum, in each of the first three full financial years of employment, provided performance targets are met. He will also acquire performance rights under the company's long-term incentive plan.
According to a statement released on the Australian Securities Exchange this morning, McInnes' contract also states that while it will provide 12 months notice of termination of employment, the company may end employment immediately in the event of serious misconduct or circumstances which warrant summary dismissal at law.