David Jones CEO David Thomas suddenly QUITS for 'personal reasons' after just 18 months in the role
- Mr Thomas' shock departure was announced to all staff at once with no warning
- He worked for the company in various roles for 18 years until he stepped down
- Woolworths boss Ian Moir will take over until a permanent replacement is found
David Jones chief executive David Thomas has abruptly stepped down for 'personal reasons' after just 18 months on the job.
His shock departure after 18 years working at the retail chain and its sister companies was announced to staff in a company-wide memo on Thursday.
Ian Moir, who heads parent South African company Woolworths, will take over as interim chief executive until a permanent replacement is found.
David Jones chief executive David Thomas has abruptly stepped down for 'personal reasons' after just 18 months on the job
'A replacement CEO for David Jones will be announced in due course, and WHL Group CEO Ian Moir will work directly with the David Jones management team in the interim,' the company said.
Mr Thomas was conspicuously absent from the store's autumn and winter launch at the Museum of Old and New Art in Hobart earlier this week.
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His resignation means David Jones is on the hunt for its fifth chief executive in as many years, with the latest being John Dixon who stepped aside in September 2017.
Mr Dixon was paid about $1.9 million in the 2018 financial year, during most of which he was an executive director, and $1.8 million in 2017 as chief executive.
Mr Thomas' salary has never been disclosed. He was promoted from chief operating officer, a position he held from August 2014.
Thomas' (pictured with model Victoria Lee) shock departure after 18 years working at the retail chain and its sister companies was announced to staff in a company-wide memo on Thursday
Mr Thomas was conspicuously absent from the store's autumn and winter launch at the Museum of Old and New Art in Hobart earlier this week
David Jones was bought out by Woolworths for $2.2 billion in 2014 and suffered sales declines in recent years like much of the Australian retail sector.
Woolworths said in November that David Jones sales recovered 2.9 per cent in the first quarter and 2.4 per cent in comparable stores sales.
However, the chain had a bad Christmas which resulted in growth for the 26 weeks to December 23 being slashed to just 1 per cent.
Then its half-year profit fell by 37.7 per cent to $66 million after a $712.5 million write-down of the business in January.
