Business
A long and golden goodbye for David Jones boss – The Australian Financial Review
The department store’s owner has blamed COVID-19 restrictions for its failure to find a new chief executive.
The decision of South Africa’s retail conglomerate Woolworths to buy David Jones for $2.1 billion in 2014 has proven a ham-fisted disaster. But according to the group’s 2020 annual report, it’s earned the architect of the decision, Ian Moir, a potential restraint of trade payment worth $2.9 million upon his departure as DJ’s chief executive.
Since the acquisition, the department store’s profits have more than halved, with $1.1 billion worth of write-downs taken on the chin by its South African …
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