Department store David Jones is fielding another C-Suite change, flipping its chief financial officer position amid its ongoing turnaround.
Clint May, who has led finances at the department store since 2023, has confirmed his resignation this week after being in the role for the last three years. Prior to this, he was CFO at Spotlight and Carpet Court, and was head of finance at Coles.
In the same swoop, David Jones appointed Nigel Chadwick as the new CFO, with an expected start date of August 25. Chadwick was most recently the CFO at Cue Clothing Co under contract, and was the CFO at Myer for the six years between 2018 and 2024. Prior to this, he held senior finance roles at BHP and Telstra.
This CFO flip comes two months after Scott Fyfe stepped out as CEO, with the department store promoting Erica Berchtold – who was chief operating officer at the time – to the top job, effective immediately.
David Jones’ C-Suite shakeup comes as the business continues to steer through a turnaround, with media reports claiming many suppliers are concerned about late payments. Earlier this year, a spokesperson for David Jones said the retailer had been streamlining its operational and financial processes.
On Chadwick’s appointment, Berchtold welcomed him to the executive team at a “critical phase” of David Jones’ 188-year history.
“Nigel is a seasoned retail finance executive with a strong understanding of the dynamics that drive performance in large-scale retail businesses,” Berchtold said. “Having led finance, transformation and commercial functions across complex consumer-facing organisations, he brings a proven track record of strategic execution, financial leadership and business transformation.”
Berchtold said his credentials are perfect for the current business plan.
“Nigel will work closely with me on the implementation of our INSPIRE30 strategy as well as our ongoing discussions with our partners and suppliers as we move towards normalising our supplier payment terms,” she said.
“We are making progress in those discussions and Nigel’s deep department store experience will be invaluable as we strengthen our partner and supplier relationships.”
Berchtold also thanked Clint for his contribution over the last three years. During that time, the department store was pushing its Vision 2025 strategy, which came after the business was acquired by Anchorage Capital Partners. Since Anchorage’s snap-up, the investment firm had spent around $250 million to fund the strategy.
“Clint led the development and delivery of our value chain strategy, successfully supported the refinancing of the business, and implemented disciplined cost management initiatives that have reshaped our cost base, creating a more efficient operating model,” Berchtold said.
“On behalf of everyone at David Jones, I wish him every success in the next chapter of his career.”