Former David Jones CEO Paul Zahra Took To LinkedIn To Explain His Resignation Today

Image: Caroline McCredie / Getty.

Paul Zahra this morning quit his position as CEO of David Jones. There’s more on that here.

He will be staying on as an advisor while his successor, former Country Road boss Iain Nairn settles into the role.

Zahra posted this statement on his LinkedIn profile today.

This morning I announced my resignation as CEO and Managing Director of David Jones Limited, effective immediately.

The strong financial performance of the business, along with the recent change in ownership, has created a natural exit point for me in my role as CEO. To assist with the Company’s transition under new ownership and management, I have agreed to stay on as an advisor to the Board and Management for the next three months.

The past four years have been a time of great challenge and reward. During this period, we have transformed David Jones from a traditional bricks and mortar retailer to a contemporary Omni Channel Retailer, where our Company’s average online order is now three times the value of our average in-store transaction value. We have fundamentally addressed the structural changes faced by the retail sector; strengthened our core business; enhanced our store network and gained market-leading momentum.

It has been a privilege to be the steward of such an iconic Australian brand. I am pleased to have successfully navigated the company through the worst retail trading conditions in 25 years. I am confident the business is well set up for success as the new team roll out their long-term vision for the brand.

It has been an absolute honour to work with the extraordinary team of people – from the store’s front-line to my executive team and the exceptional designers and suppliers that have made David Jones what it is today. I would like to thank them sincerely for their support during my 16 years with the company, particularly my past four years as CEO. I would also like to make special mention of the David Jones Board and thank them for their support.

I wish my successor Iain Nairn and the new owners great success. They have chosen to invest in Australia’s strongest premium retail business, and they inherit an iconic 176-year-old Australian brand with a powerful customer base and a great success story.

I have no immediate plans other than a holiday. As I signalled previously, I look forward to taking a sabbatical before making a decision about any future role. I look forward to staying in touch in the coming months.

It also looks like Zahra has just joined Twitter with his first Tweet sent this morning announcing he had resigned.

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