Department store David Jones has confirmed a wave of resignations from its board, including two directors suspected of controversial share trading.
The company has revealed that its chairman Perter Mason will step down from his role at David Jones as part of the process of “board renewal”.
Mason will be joined in his departure by director Leigh Clapham and Steve Vamos who have also announced their resignation from the company.
The move follows recent investor fury over allegations of controversial share trading by Vamos and Clapham in the lead-up to the merger proposal by Myer.
According to reports, Vamos and Clapham purchased more than 32,000 David Jones shares by in October last year.
The purchase, approved by Mason, was made the day the company received a merger proposal from Myer.
Commenting on his resignation, effective immediately, Vamos said he felt it was “the right time to go”.
“David Jones is a great Australian company and it has been a privilege to serve on the board. I feel that it is the right time to go, and I wish the company well.”
Mason also thanked Vamos for the contribution he has made to the company.
Mason also advised that he and Clapham had informed the company that they will resign from the board within the next three months as part of the board renewal process.
Going forward, the company said Jane Harvey has been appointed deputy chairman of the board with immediate effect.
“Harvey will lead a process of board renewal with a view to appointing three new non-executive directors to the board. This process will commence immediately.”